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Nifty 50 Snaps Six-Day Winning Streak Amid Profit Booking
24 Aug
Summary
- Nifty 50 index falls 214 points, ending six-session winning streak
- Key resistance level at 25,150, support seen in 24,750-24,650 gap zone
- Auto, defense stocks gain, while Grasim, Asian Paints, Adani Enterprises decline
The Nifty 50 index faced significant profit booking on Friday, snapping its six-session winning streak. The benchmark index began the week on a strong note, opening with a gap-up after the extended weekend. As the week progressed, the index extended its gains, testing levels around 25,150 on Thursday. However, it succumbed to sharp profit booking on Friday, erasing most of its intra-week gains.
On Friday, the Nifty opened on a weak note and slipped further during the early to mid-session. Although there was an attempt to bounce back, it faltered midway. The index continued to weaken towards the close, ending the day lower with a fall of 214 points. Despite the decline, the index managed to hold on to Monday's gap-up levels and ended the week with a gain of just over 1%.
In an otherwise weak market on Friday, auto heavyweights such as M&M and Maruti, along with BEL, stood out among the top gainers in the Nifty pack. On the flip side, it was a tough session for stocks like Grasim, Asian Paints, and Adani Enterprises, which ended as the major losers.
