Markets extend losing streak to 5th day; Sensex sheds 332 points, Nifty slips below 23,800
Mumbai, July 24
Indian equity benchmarks extended their losing streak to a fifth consecutive session on Friday, marking their longest stretch of declines since the first week of January, as investors remained cautious amid concerns over the inflation and growth outlook in the backdrop of elevated crude oil prices.
The Sensex declined 332 points, or 0.43 per cent, to close at 76,059.77, while the Nifty fell 102.15 points, or 0.43 per cent, to settle at 23,767.45.
Commenting on Nifty technical outlook, experts said that the 23,800-24,000 region now stands as the immediate resistance band.
"A sustained move above this band would be needed to improve the near-term outlook," an analyst stated.
"On the downside, the 23,700-23,600 zone has emerged as the immediate support, having cushioned today's decline," a market expert mentioned.
Among the Nifty constituents, Eternal, Bajaj Finance and Mahindra & Mahindra emerged as the biggest losers, weighing on the benchmark index.
The broader market showed a mixed trend. The Nifty Midcap 100 index ended with a marginal gain of 0.10 per cent, while the Nifty Smallcap 100 index advanced 0.32 per cent.
Sectoral performance was also mixed. The Nifty Auto index was the worst-performing sector, falling 1.1 per cent.
Realty and pharma stocks also came under pressure during the session. On the other hand, the Nifty Media and Nifty IT indices outperformed the broader market, providing some support amid the overall weakness.
Market sentiment remained subdued as investors assessed the potential impact of persistently high oil prices on inflation and economic growth, prompting caution across equities.
Experts said that the fifth straight session of losses reflects the continued risk-off mood in the market as participants await fresh domestic and global cues.
"Market sentiment is likely to remain under pressure in the near term, as sustained oil prices in a higher range could begin to adversely impact key macroeconomic indicators and growth dynamics," as per the analyst.
— IANS
Reader Comments
Honestly, this losing streak is concerning. 😟 I've been holding some Bajaj Finance shares and they're really dragging my portfolio down. But isn't it interesting how Nifty IT and Media are actually gaining? Shows that some sectors are resilient. Hopefully the 23,600-23,700 support holds. Dada always says "market mein patience ka phal mitha hota hai"!
The Nifty staying below 23,800 is worrying. 😕 The resistance around 24,000 looks strong and we need some positive trigger to break above it. My sense is that the MPC meeting minutes and global cues will decide the next move. Meanwhile, I'm sitting on cash and waiting for a clearer signal. Auto sector fall is understandable with fuel prices high.
It's a bit surprising that despite the broader market showing some resilience (Midcap up 0.10%, Smallcap up 0.32%), the main indices are still struggling. But I think the market is pricing in the risk of higher oil prices hurting our fiscal deficit and inflation. 👍 The weakness in Auto and Realty makes sense given the scenario. Just keep calm and invest systematically!
Bhai, five consecutive days? Kitna aur girega?! 😤 I know markets have cycles but this feels too prolonged. Eternal and M&M dropping heavily. 😔 Maybe it's time to buy the dip in IT stocks since they are outperforming. But honestly, I'm a bit nervous about the global slowdown impact on our exports. Let's hope the 23,700 support holds strong. Jai Mata Di!
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