Closing Bell!!!!....Indian equity benchmark Sensex dropped 1% on Friday led by the slowdown in industrial growth

SENSEX 17192.82 -169.28 (-0.97%)                                                  NIFTY 5168.85 -52.20 (-1.00%)

Markets ended lower on Friday. A recovery from the day?s low helped to curb the losses. While the BSE Sensex finally closed 169.28pts or 0.97% lower at 17,192.82, the Nifty lost 52.20pts or 1.0% to close at 5,168.85. Broad market indices too ended lower as the BSE Midcap and Small Cap indices shed 1.13% and 1.57% respectively. Market breadth was negative as the A/D ratio was 0.49:1 on the BSE.

The sectoral indices ended with a mixed bag. While the top gainers were the BSE Oil and Gas, Auto and Healthcare indices, the top losers were the BSE Bankex, Metal, CG and Realty indices. The top gainers from the BSE 30 were M&M, Sun Pharma, Reliance and Hero Motor co. The top losers were ICICI Bank, Hindalco, Tata Steel and SBI.

With the Nifty ending lower on Friday and closing below the supports of 5200, the outlook remains weak for the time being. We recommend a cautious approach on fresh longs.

Source- HDFCsec