Heavyweight bank stocks like HDFC Bank and Axis Bank pulled the Nifty Bank index down nearly 440 points, extending market weakness. Analysts cite sentiment pressure from rising oil prices alongside FII outflows. With momentum cooling, attention is turning to near-term support and resistance levels that could decide whether the selloff stabilizes or accelerates.
The week kicked off on a bright note as easing geopolitical tensions and steady Q4 earnings improved investor sentiment. But the upward momentum couldn’t last: crude oil prices climbed, Asian markets offered weaker cues, and persistent FII outflows dampened sentiment. Despite the drag, Reliance emerged as the biggest winner among the top firms.
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