Mumbai (Maharashtra) [India], August 25 : The stock market faced a challenging day as it closed in the red, with both Sensex and Nifty recording losses.
Sensex concluded the trading session down by 365.83 points at 64,886.51, while Nifty ended 120.90 points lower at 19,265.80.
Nifty firms struggled, with only 11 stocks advancing and 40 declining.
Among the top gainers at market closing were Jio Financial Services, Bajaj Finserv, Asian Paints, Bajaj Finance, and ONGC.
However, Larsen & Toubro, Dr Reddy, JSW Steel, Adani Ports, and Adani Enterprises found themselves among the top losers at the end of the trading day on Friday.
Varun Aggarwal, Founder and Managing Director of Profit Idea, attributed the market's lowest closing point of the day to concerns related to the global market. He noted that the market would be closely monitoring the outcome of the Jackson Hole meeting for further cues.
“Market closed at the lowest point of the day due to concerns related to the global market. It will take further cues from the Jackson Hole meeting outcome today”, said Aggarwal.
The sectors that dragged down the indices included Financial Services, Energy, Health Pharma, Consumer Non-Durables, and Industrial Services.
"Interesting Nifty broke down the major weekly support of 19,253. It will be important to see how the market reacts in the last week of FO expiry on 31st August 2023."
He also pointed out that "Major put option writing is at the 19,000 level, and the market will watch that psychological level closely. Below 18,887, bulls will be worried, and the market can see more panic levels. Till Nifty is above 18,887, the market is still in a bullish grip."
While the short-term outlook presented challenges, Aggarwal highlighted that the long-term bias remains positive.
There is significant stock-specific action and interest on the bullish side, particularly in selected IT, Banks, and mid and small-cap stocks.
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