Nifty declines for 5th consecutive week, Sensex slips 585 points
Nifty ended the week at 24,565, down for the fifth straight week—a run not seen in two years.
Sensex also slipped by 585 points to close at 80,599.91. Weak global cues and heavy selling in pharma and metals led the drop.
Midcap and Smallcap indices fell too.
Pharma stocks like Sun Pharma and Cipla took a hit
Pharma stocks like Sun Pharma and Cipla took a hit, with IT, PSU banks, and oil & gas also seeing losses.
FMCG was the only major sector that managed to stay positive.
Maruti Suzuki and Swiggy shares dropped after disappointing results
Maruti Suzuki and Swiggy shares dropped after disappointing results. PNB Housing Finance tanked 18% after its CEO quit.
On a positive note, Suzlon Energy jumped 7% on new orders—plus over 130 stocks still hit fresh yearly highs.
Nifty broke a key support level
Nifty broke a key support level and is trading below important averages, hinting at possible further dips toward 24,400 or lower.
With market breadth weakening and foreign investors pulling out funds, analysts suggest playing it safe until there are clearer signs of a rebound.