Indian stock market Sensex experienced a slight decline on a weekly basis.

Following Wall Street's three-day decline ahead of employment statistics hinting at the timing and magnitude of the Federal Reserve's interest rate cut, BSE Sensex dropped by 824 points (1%) to 81,377 in Friday morning trading, marking the fourth consecutive day of decline. Oil & Gas, automobile, and banking sectors, among others, weighed down the index.

The signal that helped temper the decline was the People's Bank of China (central bank) signaling an interest rate cut, which was implemented in February.

However, traders are expecting the release of China's trade statistics for August on Saturday, following the underwhelming export performance of mainland China in July.

Traders are showing a cautious attitude ahead of this month's Federal Reserve monetary policy meeting.

IndusInd Bank fell 2.9%, Coal India fell 2.2%. HCL Tech (-1.8%), Adani Enterprises (-1.7%), Reliance (-1.6%) also experienced sharp declines.

The Nifty 50 index remained in consolidation mode on September 5th and closed with a moderate decline. The index surpassed all major moving averages and recorded a high-low formation, but showed a bearish candlestick pattern resembling a Dark Cloud Cover (not the classic version). As long as the index maintains its position above the 10-day EMA (25,087), the levels of 25,300-25,350 will act as resistance and there is a high possibility of a strong trend continuing in future sessions. The overall market trend is positive and there is a possibility of some consolidation at lower levels with a buying stance. As long as the closing price remains above the 4,950-dollar level, the overall trend will remain positive. In an upward trend, the levels near 25,330, which are close to the all-time high of the Nifty 50, will act as resistance. If the Nifty 50 surpasses its all-time high, there is a possibility of continued upward momentum in the short term.