Mumbai,mar 27
Indian equity benchmarks fell sharply on Friday, weighed down by global macro headwinds, rising bond yields, and persistent geopolitical tensions.The benchmark Nifty 50 closed at 22,820, down 2.09 per cent, after opening with a gap-down and remaining under pressure throughout the session. The banking index Bank Nifty also mirrored the weakness, declining 2.67 per cent to settle at 52,275.BSE Sensex closed at 73,583.22, down by 2.25%.According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, a combination of global and domestic factors dampened investor sentiment.”A combination of macro headwinds weighed heavily on market sentiment, including a pullback in crude oil prices, the rupee hitting a record high, a spike in US and Japanese 10-year bond yields, and a rise in VIX. Ongoing geopolitical tensions in West Asia further added to the cautious undertone,” Shah said.He added that the index faced selling pressure after failing to cross key resistance levels earlier this week.”After failing to surpass the 23,350-23,400 resistance zone, Nifty witnessed renewed selling pressure… every pullback has been sold into at higher levels, reinforcing the prevailing bearish trend,” he noted.On the technical front, indicators continued to signal weakness. “RSI has slipped after briefly crossing the 40 mark… while MACD continues to trade well below both the zero line and the signal line, further strengthening the bearish bias,” Shah said.Sectorally, only the CPSE index managed to end in positive territory, while PSU banks and defence stocks were among the worst hit. Broader markets also remained under pressure, with midcap and smallcap indices falling over 1.5 per cent each.
