Sensex tanks 608 points, Nifty holds above 24,600
Indian markets took a hit on Friday, with the Sensex down 608 points and the Nifty trading around 24,604 intraday (about 24,604.35).
Ongoing conflict in the Middle East and steady foreign investor selling reversed Thursday's gains, leaving investors feeling cautious.
Small-cap stocks like GRSE and Data Patterns gain
If you're tracking your investments or thinking about entering the market, it's good to know that banking and real estate stocks were under pressure, with ICICI Bank and several other large-cap firms especially struggling.
Meanwhile, some small-cap stocks like GRSE and Data Patterns rallied, rising in the roughly 5%-15% range, showing there are still pockets of opportunity even on a tough day.
IT, oil and gas, pharma sectors show small gains
Geopolitical worries in the Middle East plus foreign money flowing out of India have made markets jittery.
While banking and realty stocks dipped by up to 2%, sectors like IT, oil and gas, and pharma held steady or saw small gains.
Stocks like BEL, Reliance Industries, NTPC, ONGC, and Grasim managed to buck the trend.
Nifty may test support at 24,600 mark
The Nifty is holding just above its key support level at 24,600; if it slips below that, we could see more downside.
On Friday alone, over 130 stocks hit their lowest point in a year while only a handful reached new highs, a sign that caution is probably wise right now.