Market trend: The broad index remained under pressure during the week ended on 4 April. The midcap and smallcap indices performed relatively well despite a 1.6 percent decline due to rapid improvement in domestic and global markets after the announcement of mutual tariff by US President Donald Trump. The BSE Large-Cap and mid-cap index declined by 2.5 percent during the week, while the BSE Small-CAP index fell by 1.6 percent.
Talking about the sectoral index, the Nifty IT index recorded the biggest weekly decline of 9 percent since Kovid 2020 due to global development concerns. The Nifty Metal Index declined by 7.5 percent. The Nifty Oil and Gas Index declined by 4 percent. While the Nifty Realty and Auto Index declined by 3 percent.
Foreign institutional investors (FIIs) became pure sellers this week. He sold equity worth Rs 13,730.49 crore. While domestic institutional investors (DIIs) purchased equity worth Rs 5,632.56 crore.
The BSE Smallcap index declined by 1.6 percent. Pokhrana, Garwar High-Tech Films, Avanti Feeds, Jansol Engineering, Blue Jet Healthcare, MPS, Sharda Cropkem and Signiti Technologies declined by 9-25 percent. However, Hester Biochenes, Market Style Retail, Primo Chemicals, Shiv Cement, Valunt Organics, NACL Industries, Wadilal Industries, Sporting India, Ganesh Benzoplast, Vardhman Textiles, Parag Milk Foods and Tarsans products were seen in share of 21-46 percent.
How will the Nifty perform next week?
Nagaraj Shetty, Senior Technical Research Analyst at HDFC Securities, said that the Nifty weakened on the weekly chart after a doji -like candle pattern last week. We have seen a negative inverted pattern in the last three weekly candles. Therefore, there may be further weakness in the market.
The short -term trend of Nifty has been weak and improvement at the bottom has gained momentum. The Nifty may fall to the next support level around 22350 in the near future when going below 22800 levels. From here, any pullback rally may face resistance around the level of 23150.
Siddharth Khemka of Motilal Oswal Financial Services says that investors will be waiting for the speech of American Fed Chairman Jerome Powell tonight. This will provide information about any change in monetary policy after assessment of Fed and tariff announcements about the US economy. In addition to developments on the US tariff front, the market focus will be on 9 April and the corporate results of the fourth quarter of FY 25 next week will be on the TCS results on 10 April.
The RBI’s interest rate decision, pre-wild business update/fourth quarter results and global markets are expected to maintain market volatility based on indications.
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