Markets remain under pressure following Fed’s strict commentary. Support exists at 23,850, with resistance at 24,200, according to Rupak De of LKP Securities. (AI image)

Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, tanked in trade for another day on Friday. While BSE Sensex plunged 1,176.45 points to settle at 78,041.59, Nifty50 was also down 364.20 points and closed at 23,587.50.
Nifty50 slipped below its 200-day moving average for the first time in a month. The benchmark indices registered a weekly decline of about 5%, with domestically-focused smallcaps and midcaps down by around 3.5%.
The top BSE gainers were Asian Paints, Nestle India, Titan Company and Maruti Suzuki. The top losers were Tech Mahindra, Axis Bank, IndusInd Bank, M&M, TCS and L&T.
Market sentiment deteriorated following the Federal Reserve’s forecast of reduced interest rate reductions in the upcoming year, leading to foreign investors withdrawing their investments.
Foreign investors have sold shares worth 122.31 billion rupees ($1.44 billion) during this week through Thursday, although they maintain a net positive position in December following two months of consecutive selling.
On Thursday, Indian markets experienced a broad-based decline, following global market turbulence triggered by the US Federal Reserve’s hawkish position on interest rates.
Ajit Mishra – SVP, Research, Religare Broking said: “Despite the weakness, oversold conditions and resilience in select pockets present buying opportunities. Traders are advised to align their positions carefully, with an emphasis on prudent stock selection.”
Markets remain under pressure following Fed’s strict commentary. Support exists at 23,850, with resistance at 24,200, according to Rupak De of LKP Securities.
US markets remained stable on Thursday after the Federal Reserve projected fewer rate cuts.
Gold prices were heading towards a weekly decline on Friday following the Federal Reserve’s decision on monetary policy adjustments indicated slower rate reductions, whilst attention turned to the U.S. Personal Consumption Expenditure data scheduled later.
Foreign portfolio investors became net sellers at Rs 4,224 crore on Thursday. Domestic institutional investors disposed of shares worth Rs 3943 crore.
FIIs’ net short position increased from Rs 1.01 lakh crore on Wednesday to Rs 1.25 lakh crore on Thursday.