MUMBAI– Indian equity benchmarks ended Thursday’s session on a subdued note, as gains in information technology stocks were offset by selling pressure in auto, metal, power, and pharmaceutical shares.
The Sensex saw sharp intraday volatility, swinging across a 542-point range. The index fell to a low of 84,238 before climbing to a high of 84,780, but lost momentum in the second half of the session and closed 78 points lower at 84,482.
With this, the benchmark ended in the red for the fourth consecutive session, shedding nearly 785 points over the past four trading days.
The Nifty also retreated from its intraday high of 25,902 and finished marginally lower, slipping just 3 points to close at 24,815.55.
“The trend continues to remain weak, with the 25,700 level appearing vulnerable to a breakdown,” analysts said. “A decisive breach below 25,700 could trigger a swift next leg of correction. On the upside, resistance is placed around 25,900.”
IT stocks provided the primary support to the market. Tata Consultancy Services emerged as the top gainer on the Sensex, rising nearly 2 percent. Tech Mahindra and Infosys gained around 1.7 percent each, while Adani Ports, HCL Technologies, and Axis Bank also ended the session higher.
On the downside, Sun Pharmaceutical Industries was the biggest laggard, falling 2.7 percent after the U.S. drug regulator classified the inspection outcome of its Baska facility as Official Action Indicated. Tata Steel, Power Grid, Asian Paints, Larsen & Toubro, and NTPC also closed lower.
In the broader market, mid-cap stocks ended flat, while small-cap shares declined about 0.3 percent.
Market breadth remained negative, with nearly 2,500 stocks declining compared to about 1,644 advancing on the BSE.
Sectorally, the IT index rose more than 1 percent, reflecting strong buying interest in technology stocks. In contrast, the power index slipped 1 percent, while auto stocks declined around 0.5 percent during the session.
“Looking ahead, markets will focus on U.S. core inflation and jobless claims data, along with interest rate decisions from the Bank of England, European Central Bank, and Bank of Japan, for clearer directional cues,” experts said. (Source: IANS)
