Closing Bell: Sensex Ends Marginally Lower, Nifty Holds 22,500; Zomato Down 3% – News18
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Indian stock markets opened on a weak note on Friday, March 7, 2025, as global markets remained under pressure
Stock Market Updates
Sensex Today: Benchmark Indian equity indices gave up their early gains and closed flat on Friday. The BSE Sensex ended at 74,332.58, down just 7.51 points or 0.01%. Throughout the session, the 30-share index traded between 74,586.43 and 74,038.03.
The NSE Nifty50 saw a slight increase of 7.80 points or 0.03%, closing at 22,552.50. The index reached a high of 22,633.80 during the day but dropped to an intra-day low of 22,464.75.
In the broader market, the Nifty Smallcap100 index continued its upward trend, rising by 0.67%, while the Nifty Midcap100 index finished in the red, down by 0.32%.
Technical View | Rajesh Bhosale, Technical Analyst, Angel One Ltd – Angel One
After Wednesday’s robust close, Nifty kicked off Thursday on a strong note with a notable gap-up opening. However, the early optimism faded as the index slipped into negative territory during the initial hours. Despite this setback, bulls made a solid comeback in the latter half, driving Nifty not only back to its morning highs but further beyond, eventually closing the weekly expiry just below 22550, up by 0.93%.
This marks the second consecutive session of gains, with broad-based buying bringing back some cheer to traders and investors. Notably, Nifty has filled the bearish gap from last Friday near the 22450 mark, and the fact that intraday dips are getting bought into is a positive sign for the bulls. This raises expectations for further upside in the coming sessions. On the indicator front, the RSI Smoothened has also triggered a fresh buy signal from the oversold zone, reinforcing the improving momentum. That said, it may still be premature to confirm a bottom formation, as the recent bounce has occurred after a heavy correction over the past few months. While near-term momentum appears favorable, Nifty faces multiple resistance levels ahead. Traders should approach these levels one step at a time. Immediate resistance lies at the bearish gap on the weekly chart near 22700, which also aligns with the 20-day EMA. Beyond that, the 22800 zone, which previously acted as a strong support, could now potentially serve as a resistance level.
Global Cues
Meanwhile, global markets experienced significant losses. In Asia, Japan’s Nikkei declined by 1.5%, Australia’s ASX200 shed 1.4%, Hong Kong’s Hang Seng dropped 0.7%, South Korea’s Kospi slipped by 0.35%, and China’s Shanghai Composite was down 0.22%. Overnight, US markets also closed in the red, with the Nasdaq Composite plunging by 2.61%, entering ‘correction’ territory, while the Dow Jones Industrial Average fell 0.99%, and the S&P 500 ended 1.78% lower.
Looking ahead, investors will be closely watching economic data releases, including China’s combined trade data for January and February, the Eurozone’s Q4-CY24 GDP data, and US jobless claims and non-farm payroll data. These indicators are expected to provide further insights into global economic conditions, which could influence market sentiment in the coming days.
