Markets End Lower For 7th Consecutive Day
Sensex, Nifty edge lower on fag-end selling in select IT and banking shares, FII outflows
Markets End Lower For 7th Consecutive Day
Market participants are now closely monitoring the outcome of the Trump-Modi discussions for any trade and tariff concessions for a potential pullback rally, said Vinod Nair, head (research), Geojit Financial Services
Mumbai: Benchmark indices Sensex and Nifty pared early gains to close lower for the seventh straight day on Thursday, dragged by fag-end selling in select IT and banking shares and foreign fund outflows.
The 30-share BSE Sensex dipped 32.11 points or 0.04 per cent to settle at 76,138.97. The index stayed in the positive zone for the most part of the session. The benchmark gyrated 751.1 points between the day’s high of 76,764.53 and low of 76,013.43. The NSE Nifty slipped 13.85 points or 0.06 per cent to 23,031.40.
“Despite initial market optimism driven by easing domestic inflation data, the rally lost momentum amid uncertain global cues and subdued corporate earnings. Furthermore, a surge in Chinese technology stocks, fuelled by heightened interest in artificial intelligence, redirected FIIs in pursuit of more attractive returns. Market participants are now closely monitoring the outcome of the Trump-Modi discussions for any trade and tariff concessions for a potential pullback rally,” Vinod Nair, head (research), Geojit Financial Services.
The BSE smallcap gauge declined 0.43 per cent, while midcap index went up marginally by 0.07 per cent.
“As FIIs continued to maintain their sell stand, the market is beginning to get more volatile with investors booking profit in select frontliners. Weakness in select banking, auto, IT and FMCG stocks dragged key benchmark indices, which had clocked significant gains in early trade,” added Prashanth Tapse, senior V-P (research), Mehta Equities Ltd.
As many as 2,089 stocks declined while 1,858 advanced and 127 remained unchanged on the BSE.
From the 30-share blue-chip pack, Adani Ports, Infosys, Tata Consultancy Services, State Bank of India, Nestle and Titan were among the laggards. Sun Pharma, Tata Steel, Bajaj Finserv, Bajaj Finance, Kotak Mahindra Bank and Zomato were the biggest gainers. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,969.30 crore on Wednesday, according to exchange data.
