Even as the Indian equity markets ended lower on Friday, S&P BSE SME IPO and S&P BSE Information Technology were the only indices that registered positive closing for the week ended December 17 as far as BSE is concerned. The two indices settled with 3.9 per cent and 1.8 per cent gains in the last five trading sessions on the BSE. On Friday, S&P BSE SME IPO ended 3.6 per cent up while the Nifty IT also settled 1.3 per cent higher from the Thursday closing levels. 

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In four out of the five trading sessions this week, both the BSE Sensex and Nifty50 ended in the red amid volatility in the global markets and selling pressure from the Foreign Institutional Investors (FIIs). Domestic equity benchmarks Nifty50 and the Sensex slipped over 1.50 per cent per cent each as all broader market indices and sectoral indices, except for the Nifty IT, ended in the red on the last trading day of the week.

The Nifty50 slid over 260 points below 17,000 and the Sensex dipped by nearly 900 points on Friday.

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Real estate and banking sectors witnessed sharp selling pressure, while IT stocks outperformed for the second day in a row on the back of strong earning by Accenture.

Infosys, HCL Tech, TCS, PowerGrid, Sun Pharma and Wipro were the only shares which showed some resilience in a market dominated by bears on Friday.  

Meanwhile, Nifty50 and the 30-share Sensex corrected 3 per cent each for the week ended December 17, 2021, showed Stock Edge, an app to analyse NSE and BSE data.    

"Indian market witnessed a sharp cut on the back of weak global cues, FIIs' selling and concerns arising out of omicron fear. ECB surprised the street with a higher than expected interest rate hike too, while other global central banks are also sounding hawkish that is causing risk-off sentiment in the global equity markets where emerging markets are underperforming, said Parth Nyati, Founder, Tradingo.  

Parth said, technically, Nifty is witnessing sharp selling pressure after a pullback where it formed a red marubozu candlestick formation and has slipped below the psychological support of 17,000. 

"However, 16,900 is an immediate and crucial support level on a closing basis. Below this, Nifty may head towards 16700-16400 zone, which is a crucial demand zone. On the upside, 17200-17250 will act as a critical resistance zone at any pullback," he added.    
 
Meanwhile, in an otherwise negative market, the week saw only IPO-themed and IT share indices gaining, while others declined on both NSE and the BSE.  

On the NSE, the Nifty IT was the only gainer this week. Backed by good show put up by IT stocks in the last two trading sessions, Nifty IT closed the week with 2 per cent or 708.30 points gain, as per Stock Edge.