Stock prices are inclined to rise when earnings results beat market expectations; on the other hand, disappointing earnings results tend to lower share prices.
Stock markets continued to see high volatility on the week ended Friday with heavy selling pressure, dragging the broader Nifty index to a seven-month-low. The BSE Sensex fell 2.82% to 33,349.31 and the Nifty50 dropped 2.65% to 10,030.
On Fridays’ closing, shares of ICICI Bank closed 1.77 percent lower at Rs 314.30 per share on the NSE. It opened at Rs. 319.80 and touched a high and low of Rs. 323.40 and Rs. 313 respectively on the NSE. On the other hand, on BSE, ICICI share price was quoted Rs. 315.05, down by 1.45%.
Nifty Private Bank index closed down 2.05% led by fall in Yes Bank, Axis Bank and IndusInd Bank falling between 8% to 3% in range. In the other indices, Nifty IT slid 1.93% and Nifty Bank index fell 1.60% on the day.
For the week, the Nifty declined 1.4 percent, while Bank Nifty index dropped 1.2%. Sectorally, Pharma index was up by 1.3 percent, while FMCG index gained 2.4 percent.