Mumbai, October 25 (IANS). Indian stock market welcomed Samvat 2082 in this past week of festive season and boosted consumer sentiment. However, this rally in the market gradually ended due to loss of investor confidence due to profit booking and geopolitical tensions.
Record festive sales this season boosted consumer demand due to reduced prices of goods and services due to GST reforms and strong household spending.
PSU banking stocks led the rally amid news of possible consolidation and better-than-expected results.
“The precious metals market witnessed extreme volatility. It was the biggest single-day fall in more than 10 years due to profit booking and a strengthening US dollar,” said Vinod Nair, Head of Research, Geojit Investments Ltd.
Crude oil prices rose sharply after the US and EU imposed new sanctions on Russian oil companies. This once again increased concerns of global supply shortage and inflation.
Indian benchmark indices closed in the red on Friday, the last trading day amid weak global cues, putting brakes on 6-day consecutive gains.
On the last trading day, Sensex closed at 84,211.88 with a fall of 344.52 points or 0.41 percent and Nifty closed at 25,795.15 with a weakness of 96.25 points or 0.37 percent.
Hardik Matalia, Derivatives Analyst-Research, Choice Equity Broking Pvt Ltd, said, “Currently, Nifty is trading above its 20-day, 50-day and 200-day exponential moving averages, highlighting a strong bullish structure and sustained trend strength. On the weekly timeframe, the Relative Strength Index “It is at 61.60 and trending sideways, indicating a neutral-to-positive bias with a possibility of momentum picking up again once the consolidation ends.”
Nifty Bank, meanwhile, closed 378.45 points lower at 57,699 on Friday after creating a new lifetime high amid a highly volatile trading week.
–IANS
SKT/