Mumbai, February 28 (NationPress) The Indian stock market concluded the week on a downturn, with key indices declining due to global instability and escalating geopolitical issues. Investors adopted a cautious approach as fluctuations in global markets and uncertainties surrounding US-Iran negotiations affected market sentiment, despite robust growth shown in India’s recent GDP figures.

Throughout the week, both the Sensex and Nifty recorded a decrease of approximately 1.5 percent. Broader market indices also faced pressure, with the Nifty Midcap 100 and Smallcap 100 indices falling by over 1 percent each.

On Friday, February 27, the Sensex fell by 961.42 points, or 1.17 percent, ending at 81,287.19. Similarly, the Nifty dropped by 317.90 points, or 1.25 percent, settling at 25,178.65, dipping below the crucial 25,200 threshold.

Most sectors faced selling pressure, with the exception of IT and media stocks, which managed to finish in the positive territory.

The decline was primarily influenced by adverse global signals and persistent geopolitical worries, leading to selective investor engagement.

In terms of sector performance, stocks in the auto, banking, FMCG, metals, and real estate sectors experienced losses ranging from 1 to 2 percent. Conversely, IT, media, and consumer durable stocks displayed some resilience, closing higher.

Market analysts observed that the Nifty has breached its recent trading range, indicating a corrective trend may be on the horizon.

“The level of 25,400 is now anticipated to serve as immediate resistance, while volatility is likely to persist due to unpredictable global events,” an analyst remarked.

“The Bank Nifty also encountered profit-taking and formed a bearish pattern, with immediate support expected near the 60,000–60,200 zone,” according to the expert.

Analysts predict that the index may trade within a broad range of 60,000 to 61,750 in the short term, with a decisive breakout expected to dictate the next directional movement.

As per Siddhartha Khemka, Head of Research (Wealth Management) at Motilal Oswal Financial Services Limited, Indian equities are likely to trend sideways with a cautious outlook in the forthcoming sessions.

He noted that while domestic growth trends and sectoral strength offer some backing, institutional flows and global macroeconomic developments will significantly influence market direction.

Investor sentiment has been adversely affected by the inconclusive discussions between the United States and Iran regarding Tehran’s nuclear program.

Even though both parties have expressed intentions to hold additional discussions next week, the uncertainty surrounding the US’s subsequent actions and its implications for energy markets and regional stability has kept the markets on edge.