Market Takes a Breather After Seven Days of Gains

MUMBAI: The domestic stock market witnessed a significant pullback as investors opted for profit-booking after a seven-day rally. The Sensex dropped by 729 points to close at 77,289, while the Nifty lost 189 points, settling at 23,487.

US Tariff Announcements Loom Over Market Sentiment

Vinod Nair of Geojit Investments pointed out that the anticipation of next week’s US tariff announcements has led to profit-booking. Sectors with substantial exposure to the US market, such as pharmaceuticals and IT, faced selling pressure. Meanwhile, oil prices saw an uptick due to US sanctions on Iran and expectations of a decline in American crude inventories.

Foreign Investors Show Confidence

Despite the downturn, foreign portfolio investors (FPIs) emerged as net buyers, signaling a potential revival in market fundamentals and attractive valuations that could herald stability in the near term.