Indian stock markets closed the week on a weak footing as benchmark indices declined amid global uncertainty and rising geopolitical tensions.
Investor sentiment remained cautious due to volatility in overseas markets and uncertainty surrounding US-Iran talks, even as India’s latest GDP data indicated strong growth.
For the week, both the BSE Sensex and the Nifty 50 fell about 1.5 per cent. Broader markets also faced pressure, with the Nifty Midcap 100 and Smallcap 100 indices declining over 1 per cent each.
On Friday, February 27, the Sensex dropped 961.42 points, or 1.17 per cent, to settle at 81,287.19. The Nifty fell 317.90 points, or 1.25 per cent, to close at 25,178.65, slipping below the 25,200 level.
Selling was visible across most sectors, barring IT and media stocks, which managed to end in the green. Auto, banking, FMCG, metal and realty stocks declined between 1 and 2 per cent. In contrast, IT, media and consumer durable shares showed resilience and closed higher.
Technical Outlook
Market experts observed that the Nifty has broken below its recent trading range, signalling a corrective trend in the near term. They indicated that 25,400 is likely to act as immediate resistance, with volatility expected to remain elevated due to uncertain global developments.
The Bank Nifty also saw profit booking and formed a bearish pattern. Analysts see immediate support near the 60,000–60,200 zone and expect the index to trade within a broad 60,000–61,750 range in the short term.
As per Siddhartha Khemka, Head of Research (Wealth Management) at Motilal Oswal Financial Services Limited, Indian equities are likely to move sideways with a cautious bias in the coming sessions. While domestic growth and sectoral strength offer support, institutional flows and global macro trends will remain key drivers.
Investor sentiment has been weighed down by inconclusive talks between the United States and Iran over Tehran’s nuclear programme, with markets watching closely for further developments and their potential impact on energy markets and regional stability.
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