Now Reading: Nifty falls 90 points as financials drag; IT stocks gain
-
01
Nifty falls 90 points as financials drag; IT stocks gain
Indian markets remained under pressure in mid-session on Friday, with the Nifty 50 at 24,545.70, down 90.30 points or 0.37 per cent, while the Sensex declined 465.94 points to 78,488.82. Bajaj Finance…
The Story in Brief
Indian markets remained under pressure in mid-session on Friday, with the Nifty 50 at 24,545.70, down 90.30 points or 0.37 per cent, while the Sensex declined 465.94 points to 78,488.82. Bajaj Finance led losers, falling 5.12 per cent, breaching ₹2,000 mark. IT stocks provided support, with TCS rising 2.46 per cent. Over the five sessions ending August 7, however, the Sensex advanced 0.52 per cent, or 405 points, to close at 78,499, with 15 stocks in the BSE 500 index delivering cumulative returns of 5 to 16 per cent.
The broader market was cautious: of 3,888 stocks traded on the BSE, advances were at 1,875 against 1,767 declines. While 115 stocks hit 52-week highs, 110 were locked in lower circuits. The rupee was near ₹95.2 against the dollar. Ponmudi R, CEO of Enrich Money, told The Hindu BusinessLine that the IT sector was a standout performer and that sustained strength above 24,600 was key for the Nifty.
The Indian Opinion
The usual narrative pits 'markets in turmoil' against a sunny list of weekly gainers. Both are true: the Nifty and Sensex wobbled intraday on Friday, but the Sensex still ended the week up 405 points. Ignore the drama about a 'cautious undertone', that is just how normal markets look when financials correct and IT rallies. The real test is whether 24,600 on the Nifty becomes a floor this week, or just another false line in the sand.
Sources (2): economictimes.indiatimes.com, thehindubusinessline.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
