MUMBAI: The Indian equity benchmarks ended this week with the steepest weekly decline in six months, as well as registering a sixth consecutive session of decline -- amid concerns over H-1B visa fee hike and US pharma tariffs.
Nifty and Sensex ended with a decline of around 2.50 per cent and 2.54 per cent, respectively, even as IT and pharma sectors came under selling pressure.
Midcap and small-cap indices witnessed even higher selling pressure due to stretched valuations, dipping 4.38 per cent and 4.27 per cent, respectively, for the week.
The IT index came under early pressure amid concerns over rising H-1B visa costs. Shares of Indian pharmaceutical companies fell on Friday after US President Donald Trump announced tariffs of up to 100 per cent on imports of branded and patented pharmaceutical drugs, starting October 1.
The Nifty index erased the gains of the previous two weeks and slipped under its 20-week EMA, tilting the trend weaker in the near term.
The Nifty ended on Friday with losses, tumbling 236.15 points to close at 24, 654.70, barely holding above its immediate support zone of 24, 500–24, 550.
Analysts predicted that sellers will likely continue to control the index unless the index breaches the 24, 750–24, 850 resistance zone.