FX.co ★ India Stocks Fall, But Head for 2nd Weekly Gains

India's equity markets experienced a sharp drop on Friday, with the index falling 879 points, or 1.1%, to 78,931 in early trading, continuing the downward trend from the previous session. Declines were observed across nearly all sectors as investors awaited the Q4 earnings releases from major companies, scheduled for after the market closes today. Key firms reporting their results include L&T Tech, Axis Bank, and Tech Mahindra. Additionally, major players like Maruti Suzuki, Tata Tech, and Reliance Industries are also expected to announce their financial performance. The ongoing geopolitical tensions between India and Pakistan continued to dampen market sentiment. Nevertheless, a positive session on Wall Street overnight, fueled by increasing speculation that the US Federal Reserve might reduce interest rates earlier than anticipated, helped mitigate the losses. Despite the current downturn, the BSE Sensex is on course for a second consecutive weekly gain, up approximately 0.5%, driven by optimism about potential advancements in US-China trade discussions. On the other hand, the Nifty 50 declined by 1.2%, dropping below the 24,000 mark, with significant losses recorded by Axis Bank (-4.6%), Adani Ports (-3.6%), and Bajaj Finserv (-2.9%).