Mumbai– Indian equity markets ended in the red on Thursday, weighed down by weak global cues—particularly from Asian markets—that dampened investor sentiment.
At the close of trading, the BSE Sensex fell 644.64 points, or 0.79%, settling at 80,951.99. During the session, the index fluctuated between an intraday low of 80,489.92 and a high of 81,323.24.
Similarly, the NSE Nifty declined 203.75 points, or 0.82%, to finish at 24,609.70.
“Technically, Nifty formed a red candle on the daily chart, indicating weakness,” said Hrishikesh Yedve of Asit C. Mehta Investment Intermediates Ltd. He added that the index found support near the 21-Day Exponential Moving Average (21-DEMA) at around 24,445, while 25,000 will serve as a key resistance level in the near term.
Among the 30 Sensex stocks, the biggest losers came from the automobile and consumer goods sectors. Notable decliners included Power Grid, Mahindra & Mahindra, ITC, Bajaj Finserv, and HCL Technologies.
On the positive side, IndusInd Bank led the gainers, rising 1.82%, followed by Bharti Airtel, which added 0.44%, and UltraTech Cement, which posted a marginal gain of 0.10%.
In the broader market, both Nifty Midcap 100 and Nifty Smallcap 100 closed lower, down 0.52% and 0.26% respectively.
Sector-wise, selling pressure was broad-based, with the exception of Nifty Media, which managed to remain in positive territory. The worst-performing sectors were IT, Automobile, FMCG, Consumer Durables, and Oil & Gas—each falling more than 1%. The Nifty IT and Pharma indices dropped by 0.87% and 0.9% respectively.
The India VIX, a measure of market volatility, eased by 1.65% to close at 17.26, suggesting a slight reduction in investor nervousness.
Despite positive developments such as an improved Purchasing Managers’ Index (PMI) for May and signs of fiscal recovery, analysts caution that global market volatility and uncertainty surrounding trade negotiations are likely to keep Indian equities in a consolidation phase in the near term. (Source: IANS)
