The Nifty 50 index succumbed to profit-selling on Friday, closing 118 points below at 19,660. The Sensex also closed lower by 381 points at 69,107.
The sell-off was triggered by a weak global market sentiment, as investors continued to worry about the impact of rising inflation and interest rates on economic growth.
In addition, there were some concerns about the domestic market as well, as the rupee hit a new record low against the dollar.
Despite the sell-off, there were some bright spots in the market. The IT sector was the top gainer, with the Nifty IT index rising 1.5%. The metals sector also saw some gains, with the Nifty Metal index rising 0.5%.
The sell-off is likely to continue in the near term, as investors remain cautious about the global economic outlook. However, there are some signs that the sell-off may be overdone, and the market could start to recover in the coming weeks.
Here are some of the factors that could influence the market in the coming days:
- The outcome of the US Federal Reserve's meeting on Wednesday.
- The release of economic data from the US and India.
- The movement of the rupee against the dollar.
Investors should stay tuned to the market and adjust their portfolios accordingly.
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