On Friday, Nifty 50 fell 1.17% to 24,717.70 on Friday. 9 stocks gained while 41 declined.

Leading the gainers was HDFC Bank, with a 1.17% increase from its last close.

This was closely followed by Divi’s Laboratories, which saw a 1.24% rise. Dr Reddy’s, Sun Pharma and Nestle also gained in the session. Sun Pharma gained after strong results in Q1.

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On the other hand, Eicher Motors was the biggest loser, with a 5.15% decrease, trading at ₹4,713.

Maruti Suzuki fell 4.96% to ₹12,697.10. Tata Motors also saw a significant decline, with a 4.17% drop, trading at ₹1096.65. Tata Motors fell after its automotive segment’s debt increased.

Hindalco and JSW Steel also fell 3.78% and 3,75% respectively to make up the rest of the losers.

Vinod Nair, Head of Research, at Geojit Financial Services, said, “The domestic market saw a broad-based sell-off, indicating that it may have reached an exhaustion point due to a lack of new triggers for further upward movement. Q1FY25 earnings have been lacklustre so far, while broader market valuations remain significantly high. Meanwhile, despite the US Fed hinting at a rate cut in September, global markets are consolidating as this move has already been priced in. Additionally, weak earnings from the US IT sector, a potential rise in unemployment, the possibility of further rate hikes by the BOJ, and a slowdown in China’s growth are all dampening market sentiment.”

Amol Athawale, VP-Technical Research, at Kotak Securities, said, “Today, our markets followed the trend of world equity markets, which closed with a massive drop in the last few days. They were down due to weak economy-related data as well as disappointing quarterly numbers. However, our markets held up relatively better than world markets, which fell by over 1.50%. Weekly, Nifty fell by 0.40%, while Sensex was down by 300 points.

Realty, Auto, and IT fell by over 2% weekly, while the Nifty Pharma index was up nominally. We saw particular buying interest in new-age companies after Zomato’s Q1 numbers. Technically, the market managed to climb to new highs during the week. Nifty and Sensex achieved major milestones by crossing 25000 on the Nifty and 82000 on the Sensex. However, currently, most stocks and indices are close to important resistance levels, and we may see consolidation for a few days or weeks. This happens whenever the indices move too far away from the short-term averages.”

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