Indian markets witnessed gap-down opening and markets remained under pressure for the complete trading session on Friday. Indian markets have been hovering around all-time highs for major indices over the last few weeks and many market participants are concerned about high valuation of many stocks. Indian markets witnessed strong decline on Friday’s trading session and market participants feel that this decline could continue on Monday as well.

US markets welcomed the US Federal Reserve Chairman’s comments that interest rate cut could be on the table for the September meeting and stocks jumped on Wednesday. However, the rise was short-lived as on Thursday and Friday futures market, US stocks were trading with major losses. US markets closed negative on Friday and we could see further decline. Technically, Nasdaq has entered correction zone as the index is down by more than 10% from its recent highs.

Technology and automobile stocks were among major losers on Friday in Indian market. Banks were trying to help the indices but rest of the sectors witnessed selling pressure. We can expect Indian markets to remain negative next week as well. There could be a pullback rally but many players are looking forward to sell on any upside moves.

Among major losers on Friday were Eicher Motors, Tata Motors, Maruti, Hindalco and JSW Steel. Among technology majors, Wipro, TCS, Tech Mahindra and HCL Technologies closed lower.