The benchmark equity indices tumbled over a per cent on Friday to settle the week on a poor note, thanks to less-than-expected quarterly numbers and big sell off in markets globally.
The session day was quite volatile for asset classes globally. Concerns over the Chinese economy and tensions in West Asia continued to put a pressure on crude prices, which dropped below $30 a barrel during the day. Currency markets too were volatile, with rupee tumbling to a fresh two-year low level. Adding to the woes were weak December quarter results by Hindustan Unilever. The FMCG company's profit slumped 22 per cent, missing analysts' estimates, as weak demand in rural India continued to hurt sales.
The 30-share barometer closed at 24,455.04, down 317.93 points or 1.28 per cent. For the week, the index was down 2.06 per cent.
The Nifty50 fell 99 points, or 1.31 per cent, to settle at 7,437.80. The NSE barometer shed 2.15 per cent for the week.
HEADLINES OF THE DAY
HUL Q3 profit below estimates
Zee Ent Q3 consolidated net profit at Rs275 cr
Tata Steel close to sell struggling long products business in UK
The crucial resistance for Nifty SPOT is now seen at 7525 and above this 7590.Support for the immediate term is now placed at 7420 and next support will be 7365.
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