Stock Market Update: As investors took a breather and secured profits ahead of the crucial US jobs report, which could provide hints on the Federal Reserve’s tapering of its aggressive rate hikes plan, Indian equity benchmarks plunged on Friday, ending an eight-day bull run and a record-breaking closing streak of six straight days.
The broad NSE Nifty index fell 116.40 points, or 0.62 percent, to end at 18,696.10. The BSE Sensex index dropped 415.69 points, or 0.66 percent, to close at 62,868.50.
The Nifty closed Friday with gains for a second consecutive week despite rising 3.6% during the previous eight sessions.
Stock Market Update: Research Head at Vachana Investments
“The Nifty futures outpaced their international counterparts this week and touched levels near 19,000 dollars. However, it is currently exhibiting unmistakable indications of weariness, with lagging industries like IT now advancing and banks performing poorly “the research head at Vachana Investments, Rudra Murthy BV, said
“In the upcoming week, expect some profit booking on the markets. Before the following significant move, the Nifty can test the 18,400 to 18,600 support zones. Gujarat’s election results, which will be released on December 8th, are what set off the local trigger.”
Top 8 days
When both benchmarks closed at an all-time high the previous session, marking the sixth straight day of an all-time high closing, they had advanced for eight straight days.
Since the record-breaking binge started on Friday last week, the Sensex and Nifty have closed at fresh highs every day.
US non-farm payrolls data
Capital inflows have been strong in November despite Foreign Institutional Investors (FIIs) selling shares worth 1,565.93 crore on Thursday while making a profit. This is because the Federal Reserve has hinted at slowing the pace of its rapid rate hikes.
Although Wall Street markets mainly closed down overnight on Thursday, the bulls were restrained on Friday ahead of US non-farm payrolls data that was due to be released later in the day.
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