Latest News The Nifty 50 index has seen a reversal of fortune over the past week. From enjoying a robust 500-point gain in the May Futures and Options (F&O) series, the index plunged into a near-100-point loss, erasing all its previous gains and then some. The past five trading sessions have marked the longest losing streak for the Nifty in seven months, culminating in a nearly 700-point drop from Monday's record high of 23,110.
The decline reached a critical point on Thursday, the monthly expiry day for the Nifty, where the index flirted dangerously close to the 22,400 mark before managing a slight recovery from an intraday low of 22,417. This level is the lowest the Nifty has seen since May 21. A handful of major companies, including Reliance Industries, Tata Steel, ITC, and TCS, were responsible for more than half of the index's losses on Thursday alone.
Technically, the Nifty's performance has been dismal. The index has consistently registered lower highs and lower lows over the past four trading sessions, painting a bleak picture for investors. The steady downward trend has also had a broader impact on the market.
Both the Midcap and Smallcap indices fell over 1.5%, with the Metals and IT sectors being the biggest losers. Notably, the Nifty IT index recorded its third consecutive day of declines.
As of Thursday's close, the Nifty has sunk to its lowest level in two weeks, down 1.7% for the week, effectively ending a two-week winning streak. This downturn has been exacerb.
