Stock Market Today: Nifty, Sensex Record Worst Week In Over Two Years

Most US equity futures were trading higher at pre-market as market participants braced themselves for the September the non-farm payrolls data to assess future decisions about monetary easing cycle. 

The S&P 500 futures was trading 0.15% higher at 5,758.00 as of 3:30 p.m. The Nadaq 100 Futures was 0.25% higher at 20,043.00. Meanwhile, the Dow Jones Industrial Futures was 0.02% lower at 42,310.00 as of 3:32 p.m

• US: Month-on-Month Average Hourly Earnings

• US: Non-Farm Employment Change

• US: Unemployment Rate

• US: FOMC Member John Williams Speech

Benchmark equity indices recorded their worst week in over two years amid rising tensions in the middle east. Globally, the markets await US payrolls data for the month of September.

Both Nifty and Sensex fell more than 4% this week logging their worst fall since the week ended June 13 of 2022. Top losers of the Nifty index this week were Hero MotoCorp, Shriram Finance, and Axis Bank.

Friday's session was volatile as the benchmarks saw big swings from 1% intraday rise to a fall of 1%. The Nifty closed 0.79% or 200.25 points lower at 25049.85 and the Sensex lost 0.98% or 808.65 points down to close at 81688.45.

In the middle east, Iran's Supreme Leader Ayatollah Ali Khamenei, in a sermon delivered before the Friday congregational prayers in Tehran, warned of another strike of Israel "if needed".

According to Vinod Nair, head of research at Geojit Financial Services, "The pessimism on the market is expected to continue in the near term amidst rising crude prices and fund flows to cheaper markets like China."

"Crude prices have moved up sharply but may be restricted due to an increase in production from OPEC+," he noted.

"Technically, on the daily chart, the index formed a large red candle, signaling weakness," Hrishikesh Yedve, assistant vice president of technical and derivatives research at Asit C. Mehta Investment Interrmediates Ltd.

 "However, the index has managed to hold the psychological support of 25000 and close near 50-DSMA support of 25030," Yedve added. "On the downside, the short term swing support of 24750 will act as a key support. If index manages to defend 24750 then relief rally towards 25,500 could be possible."

Shares of HDFC Bank Ltd., Reliance Industries Ltd., Nestle India Ltd., ICICI Bank Ltd., and Mahindra & Mahindra Ltd. dragged the Nifty. While those of Infosys Ltd., Axis Bank Ltd., Tata Motors Ltd., Oil & Natural Gas Corp. Ltd., and Tata Consultancy Services Ltd. cushioned the fall.

Broader markets declined in line with the benchmark indices. The BSE Midcap and Smallcap indices ended 0.94% and 0.80% down, respectively.

On BSE, 19 sectors declined out of 20 with the BSE FMCG emerging as the top loser. The BSE IT was the only sector which rose.

Market breadth was skewed in favour of sellers. Around 2,479 stocks declined, 1,579 stocks advanced, and 110 stocks remained unchanged on BSE.

This week, both the Nifty and Sensex closed 4.5% lower and most sectoral indices ended lower. Only Nifty Metal gained.

Rupee closed flat at 83.97 against the US dollar after closing at 83.97 on Thursday, according to Bloomberg.

• Nifty and Sensex recorded their worst week since the one that ended June 13, 2022

• Nifty closed with weekly losses after rising for three weeks

• On a daily basis, Nifty fell in the fifth consecutive session

• Nifty ends 0.79% or 200.25 points lower at 25049.85

• Sensex ends 0.98% or 808.65 points down at 81688.45

• Broader indices mirrored benchmarks; Nifty Midcap 100 ended 0.9% lower and Nifty Smallcap 250 closed 0.83% down.

• Most sectoral fell but Nifty PSU Bank and Nifty IT rose

• Infosys and ONGC were top Nifty gainers

• M&M and Bajaj Finance fell the most