MUMBAI, India — Indian equity markets closed lower on Thursday as sharp selling in heavyweight information technology stocks pushed benchmark indices into negative territory, outweighing selective gains in banking and financial shares.
The Sensex ended the session at 83,674.92, down 558.72 points, or 0.66 percent. The Nifty also finished lower, closing at 25,807.20, a decline of 146.65 points, or 0.57 percent, from the previous close.
Market participants remained cautious as weakness in the technology sector dominated trading sentiment.
“As long as the Nifty trades below the 25,840–25,900 resistance band and remains within the downward-sloping channel, the short-term bias stays negative, with immediate downside risk toward 25,750 and possible extension toward 25,700,” an analyst said.
“Only a strong reclaim above 25,950 would neutralize the prevailing bearish structure.”
IT stocks emerged as the biggest drag on the markets. Shares of major technology companies, including Tech Mahindra, Infosys, TCS, and HCL Tech, witnessed heavy selling and featured among the top losers on the BSE.
Auto major Mahindra & Mahindra also ended the day in negative territory.
Some stocks, however, managed to post gains despite the broader weakness. Bajaj Finance, ICICI Bank, Bharat Electronics, and Trent closed higher and provided limited support to the benchmarks.
On the sectoral front, the Nifty IT index was the worst performer, plunging 5.51 percent as investors aggressively offloaded technology stocks. Realty shares also remained under pressure, with the Nifty Realty index falling 1.45 percent. The Nifty Oil & Gas index declined 1.19 percent.
In contrast, financial stocks showed relative resilience. The Nifty Financial Services index ended the session with a gain of 0.38 percent.
Broader markets tracked the negative trend, with the Nifty MidCap index closing 0.47 percent lower and the Nifty SmallCap index slipping 0.64 percent.
Analysts said persistent selling in IT heavyweights and weakness across broader market segments kept investors on the sidelines, resulting in a subdued close for Indian equities. (Source: IANS)
