Mumbai– Indian equity markets closed lower on Thursday as selling in key IT and banking stocks weighed on investor sentiment amid subdued first-quarter earnings and concerns over foreign institutional investor (FII) outflows linked to trade uncertainties.
The benchmark Sensex ended the day at 82,259.24, down 375.24 points or 0.45 percent from the previous close of 82,634.48. The 30-share index opened slightly higher at 82,753.53 but slipped into negative territory as heavyweights such as TCS, Infosys, and HDFC Bank came under pressure. It touched an intraday low of 82,219.27.
The Nifty also declined, settling at 25,111.45, down 100.60 points or 0.40 percent.
“Indian equity benchmarks closed slightly lower as investors remained cautious amid muted Q1 earnings, particularly in the technology and banking space,” said Vinod Nair, Head of Research at Geojit Financial Services.
He added that high valuations in large-cap stocks and sustained FII outflows kept market participants on the sidelines. However, any favorable developments could help revive sentiment in the coming sessions.
Among the biggest laggards on the Sensex were Tech Mahindra, HCL Tech, Infosys, TCS, Axis Bank, Bajaj FinServ, and HDFC. On the positive side, Tata Steel, Trent, Tata Motors, and Titan managed to post gains.
Out of the Nifty50 constituents, 19 advanced while 31 declined.
All broader market indices ended in the red. The Nifty Next 50 dropped 159.10 points, the Nifty Midcap 100 fell by 100 points, and the Nifty Smallcap 100 slipped 22.75 points.
Sector-wise, the selling was widespread. The Nifty IT index tumbled by 522 points, the Nifty Bank declined 230 points, and the Nifty Financial Services index shed 106 points. The Nifty FMCG index, however, closed in positive territory.
The Indian rupee also weakened, trading 0.12 percent lower at 86.02 against the U.S. dollar, as the dollar index found support near 98.70. The overall weakness in domestic equity markets further weighed on the currency.
“Nifty remained under selling pressure throughout the session, unable to breach the key resistance level of 25,260. This led to long unwinding,” said Rupak De, Senior Technical Analyst at LKP Securities. “On the hourly chart, a consolidation breakdown suggests weakening bullish momentum.”
Analysts expect the near-term outlook to remain cautious, with Nifty potentially drifting toward the 24,900–24,920 zone unless it manages to reclaim and sustain above the 25,260 resistance level. (Source: IANS)
