Stock market recap: Indian equities extended their losing streak to a fourth straight session on Friday, as crude oil prices nearing $114 per barrel, renewed foreign selling, and a global selloff in technology stocks weighed on sentiment. Nifty 50 fell 87.65 points, or 0.39%, to close at 22,600, after sliding to an intraday low of 22,372, while Sensex slipped 125.56 points, or 0.17%, to settle at 73,123.83.
Both indices recovered sharply from the day's lows in the afternoon, led by IT stocks. For the week, Nifty lost about 2.4%. IT was the best-performing sector, with TCS, Infosys, HCL Tech, and Tech Mahindra rising, as investors bought Indian software firms despite overnight losses in U.S. tech giants such as Meta and Nvidia. Metals and Realty were the weakest sectors, with Tata Steel and Hindalco falling about 3% each, while Tata Motors Passenger Vehicles, Jio Financial Services, and NTPC also declined.
The Bank Nifty fell 1.16%. Selling was far heavier in midcap and smallcap stocks, and breadth was deeply negative, with only 624 stocks advancing, 3,011 stocks declining, and 89 remaining unchanged. Crude oil, foreign flows, and quarterly earnings will remain in focus next week.
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The index formed a bearish daily candle with a pronounced lower shadow, reflecting buying interest at intraday lows, although selling pressure at higher levels remains evident. Price action continues to follow a pattern of lower-highs and lower-lows, reinforcing the prevailing downtrend. The index remains below its key moving averages, while the broader descending trendline continues to indicate sustained bearish sentiment. The Relative Strength Index (RSI) stands at 42.38, below the neutral 50 mark, suggesting weak momentum despite its recovery from oversold territory. Meanwhile, the MACD remains in negative territory, with the MACD line (-169.46) above the signal line (-222.63) and a positive histogram of 53.17, indicating improving short-term momentum.