Market Decline

The Sensex fell 570.59 points, or 0.79%, to close at 71,909.70 on Thursday.

Weekly Trend

The Indian stock market extended its corrective phase for the eighth consecutive week, ending sharply lower amid persistent selling pressure and weak global cues.

Sensex Performance

The Sensex plunged 1,670.84 points, while the Nifty declined more than 3% over the week.

FII Selling

Sustained FII selling, elevated bond yields, and a fresh surge in crude oil prices dampened investor sentiment.

Nifty 50

The NSE Nifty 50 dropped 198.50 points, or 0.88%, to settle at 22,421.95 on Thursday.

Technical Analysis

Sachin Gupta noted the Sensex remains below the 50-Day EMA at 75,544.56 and 200-Day EMA at 77,684.60, with RSI at 24.55 indicating oversold momentum.

“On the daily chart, the index remains below the 50-Day EMA at 75,544.56 and 200-Day EMA at 77,684.60, while RSI has slipped to 24.55, indicating deeply oversold momentum.”

Nifty Outlook

Ajit Mishra predicted the Nifty could rebound near 22,800 with a target of 23,100-23,200, but a break below 22,000 risks further decline.

“While the broader trend remains negative, the combination of key technical supports and oversold conditions could trigger a near-term rebound.”

US Markets

US stocks ended higher on Friday with weaker-than-expected jobs data reducing expectations of a Federal Reserve rate hike.

Nasdaq Performance

The Nasdaq Composite advanced 319.27 points, or 1.2%, to close at 27,190.86, marking its third consecutive weekly gain.

Kospi Decline

South Korean equities fell 77.18 points, or 1.1%, from the previous week to end at 7,003.74, as gains in semiconductor stocks were insufficient.

Nikkei Performance

The Nikkei 225 fell 0.87% by the close in Tokyo, with Resonac Holdings Corp gaining 8.71% to finish at 17,280.

Taiwan Market

Taiwan’s TAIEX index rose 122 points, or 0.3%, to end Friday’s session at a fresh record high of 48,476.