Stock Market Highlights: The markets had recovered from the day’s lows by the halfway mark, with the Nifty cutting around 60 points from its low but remaining below 23,400. The Nifty Bank had also pared its losses and turned green, gaining 50 points. Hindalco, JSW Steel and Tata Steel were the top losers.
Stock Market Highlights: The markets staged a recovery through the session, erasing most of their opening losses, even as the indices remained on track for a fifth straight week of declines. The Nifty had significantly cut its losses to around 60 points, settling near 23,450, while the Sensex was down over 129 points at around 74,200.
The Nifty needed a close above 23,897 to prevent a weekly loss, a level that remained over 650 points away. The previous session’s intraday low of 23,380 remained an important level, while 23,500 was a key level on the upside.
If Thursday’s CAS session had ignited hopes of a revival in the Nifty bulls, overnight price action in crude and US bond markets had dampened those expectations. Brent crude had eased, slipping below the $105 mark.
The Nifty Bank had recovered a mammoth 800 points from its lows to turn green.
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