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After facing resistance at the 23,200 level on Thursday, the Nifty 50 index slipped into weakness with high volatility on Friday. The index continued to struggle under bearish pressure, closing below 23,000 after spending several days floating above this level.
Although the market declined in the early to mid part of the session, there was a decent intraday recovery in the latter half, which helped the Nifty close off its lows. However, the index still ended the day lower by 102 points at 22,929.25.
The broad-based selloff in the Indian equity market pushed India’s market capitalisation to its lowest level in eight months. The total market cap of BSE-listed companies fell below ₹400 lakh crore for the first time since June 2024. In dollar terms, the combined valuation has dropped to a 15-month low.After reaching a record high of ₹478 lakh crore in September 2024, the combined market valuation has declined by nearly ₹80 lakh crore over the past four and a half months.
While the benchmark Nifty 50 has fallen 13% since September 30 last year, the Midcap and Small Cap indices have been hit harder, losing 18% and 20%, respectively.
It was a broad-based decline, with 39 of the 50 Nifty stocks closing lower.
For the week, the Nifty index fell by 2.68%, recording its lowest close since May 31, 2024. The broader market suffered even more, with the Nifty Midcap 100 plunging 7.38% and the Nifty Smallcap 100 dropping 9.41%. From its all-time high, the Nifty Smallcap 100 has now declined 22.63%, significantly exceeding the Nifty’s 13.33% drop.
A significant fall was observed in the Small Cap 250 and Micro Cap 250 indices, both down 10%.
While Nifty Bank posted negative returns, it relatively outperformed the broader market.
As many as 44 of the 50 Nifty stocks recorded losses this week. The top losers included Eicher Motors, Hero MotoCorp, Bharat Electronics (BEL), Adani Enterprises, and Mahindra & Mahindra (M&M).
All sectoral indices closed in negative territory, with Nifty Media, Pharma, Healthcare, and Consumer Durables leading the decline.
With the earnings season now behind us, investor focus will shift to trends in FII flows and currency movements for further cues. Additionally, speculation regarding US tariffs and their impact on global trade will remain a key factor to watch.
“The risk-averse sentiment continues to rule investors’ minds as corporate earnings are significantly lower than the market expectations during the start of the year, especially for mid- and small caps. Muted earnings trend, rupee depreciation along with external factors like tariffs are expected to keep the sentiments weak in the near term, which could further push FIIs outflows,” said Vinod Nair of Geojit Financial Services.Nair expects volatility to stay elevated until there is clarity on tariffs and a recovery in corporate earnings.
Foreign investors continued to remain net sellers in the cash market on Friday, while domestic institutional investors were net buyers.
What do the Nifty 50 charts indicate?
LKP Securities’ Rupak De said the sentiment remained weak, even though the index managed to close 155 points off its low, as it continues to trade below a critical short-term moving average.
“A decisive fall from 22,800 could trigger further panic in the market. On the higher end, 23,100 appears to be the immediate resistance, above which the market may see some respite,” De said.
Though the Nifty is placed at the crucial support of 22,800 levels, it has displayed lack of strength to sustain the upside bounces. Hence, one may expect dip below the said supports by early next week, said Nagaraj Shetti of HDFC Securities.
Shetti said that a decisive move below the support of 22,800 levels could open next downside of around 22,450 levels (20 month EMA) in the near term. Immediate resistance is placed at 23,250.
Here are the stocks to watch ahead of Monday’s trading session:
– BHEL gets Letter of Intent (LoI) for EPC Package for Singareni Thermal Power Project, Stage II (1×800 MW) at Mancherial district, Telangana worth ₹6,700 crore.
– Alembic pharma gets Establishment Inspection Report (EIR) from US FDA for Vadodara’s Jarod-based Solid Oral Formulation Facility (F-4) with Voluntary Action Indicated (VAI) classification. US FDA inspected the Jarod’s facility from November 14-22, 2024.
– Zydus Lifesciences: US FDA completes inspection of Maharashtra’s Ambernath-based API Manufacturing site with nil observation. US FDA inspected the API facility from February 10-14, 2025.
– Aditya Birla Fashion recorded a net loss of ₹51.3 crore as against a loss of ₹77.9 crore last year. Revenue rose 3.3% at ₹4,304.7 crore. EBITDA surged 14.8% at ₹635 crore as against ₹553 crore. Margin stood at 14.8% from last year’s 13.3%.
– Utkarsh Small Finance Bank reported a net loss of ₹168 crore as against profit of ₹116 crore. NII fell 0.5% at ₹480 crore as against ₹482 crore last year. Gross NPA stood at 6.17% as against 3.88%. Net NPA stood at 2.5% from 0.89% quarter-on-quarter.
– Wipro appoints Amit Kumar as managing partner and global head of Wipro Consulting effective immediately.
