stocks-extend-losses-for-fifth-day-amid-middle-east-tensions

Domestic benchmark indices continued their downward trajectory for the fifth consecutive day on Friday, weighed down by escalating tensions in the Middle East, which soured investor sentiment worldwide.

 

The gloomy mood was mirrored globally, with most markets trading weakly.

 

All sectoral indices in India finished in the red, with realty and PSU bank stocks taking the hardest hits.

 

Thursday's trading session was marked by volatility, with initial gains giving way to losses as the day progressed, culminating in the fourth straight day of declines.

 

"Overall, we expect volatility to persist in the market in the absence of any significant positive trigger, while attention will remain on stock-specific movements amid the earnings season," said Siddhartha Khemka, Head of Retail Research at Motilal Oswal.

 

Technical analysis points to the crucial support level at around 21,800, which, if breached, could pave the way for further downside. 

 

In the United States, stocks closed near the unchanged mark on Thursday as investors dissected corporate earnings and economic data.

 

The Dow managed a slight gain of 0.06%, while the S&P 500 and Nasdaq slid by 0.22% and 0.52%, respectively.

 

Following this trend, Asian stocks also traded lower during the day.