Mumbai, Feb 28 (IANS) Indian stock markets ended the week on a weak note, with benchmark indices falling amid global uncertainty and rising geopolitical tensions.
Investors remained cautious as volatility in global markets and uncertainty around US-Iran talks dampened sentiment, even though India’s latest GDP data showed strong growth.
For the week, both the Sensex and the Nifty fell around 1.5 per cent. Broader markets also remained under pressure, with the Nifty Midcap 100 and Smallcap 100 indices declining more than 1 per cent each.
On Friday (February 27), the Sensex dropped 961.42 points, or 1.17 per cent, to close at 81,287.19. The Nifty also declined 317.90 points, or 1.25 per cent, to settle at 25,178.65, slipping below the 25,200 mark.
Selling pressure was seen across most sectors, except IT and media stocks, which managed to end in the green.
The weakness was largely driven by negative global cues and ongoing geopolitical concerns, which kept investor participation selective.
Sector-wise, auto, banking, FMCG, metal and realty stocks saw losses of 1 to 2 per cent. However, IT, media and consumer durable stocks showed some resilience and closed higher.
Market experts noted that the Nifty has broken below its recent trading range, indicating a corrective trend in the near term.
“The 25,400 level is now expected to act as immediate resistance, while volatility may remain high due to uncertain global developments,” an analyst stated.
“The Bank Nifty also witnessed profit booking and formed a bearish pattern. Immediate support is seen near the 60,000–60,200 zone,” as per the expert.
Analysts expect the index to trade within a broad range of 60,000 to 61,750 in the short term, with a decisive breakout likely to determine the next directional move.
According to 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.
He said that while domestic growth trends and sectoral strength provide some support, institutional flows and global macro developments will play a key role in shaping market direction.
Investor sentiment has been impacted by inconclusive talks between the United States and Iran over Tehran’s nuclear programme.
Although both sides have indicated plans to hold further discussions next week, uncertainty around the US’s next steps and its impact on energy markets and regional stability has kept markets on edge.
–IANS
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