The Indian stock market closed in negative territory on Thursday, with investors turning cautious ahead of the first quarter (Q1) earnings season and amid global trade uncertainties.
The benchmark Sensex declined by 345.80 points, or 0.41 per cent, to settle at 83,190.28. The 30-share index opened higher at 83,658.20 against the previous close of 83,536.08 but slipped into the red as selling pressure mounted across sectors. The index touched an intraday low of 83,139.97.
Similarly, the broader Nifty ended at 25,355.25, down 120.85 points.
“Domestic equities witnessed a lacklustre session, reflecting cautious investor sentiment ahead of key triggers,” said Sundar Kewat, Technical and Derivatives Analyst at Ashika Institutional Equity.
Market participants also kept a close watch on developments surrounding a potential US-India trade agreement, with the ongoing negotiations adding to the subdued mood.
Among Sensex constituents, Maruti Suzuki, Tata Steel, Bajaj Finance, Tata Motors, TCS, Trent and Axis Bank managed to close with gains. In contrast, heavyweights like L&T, Reliance Industries, Sun Pharma, SBI, HDFC Bank, Mahindra & Mahindra, HCL Tech, and Hindustan Unilever ended lower.
On the Nifty, only 12 stocks closed in positive territory, while 38 settled in the red.
“Indian equities concluded the day in the red, weighed down by weakness in IT stocks ahead of TCS’s Q1 results,” said Vinod Nair, Head of Research at Geojit Financial Services.
Broader market indices also mirrored the weak sentiment. The Nifty 100 shed 0.43 per cent, the Nifty Midcap 100 dipped 0.30 per cent, and the Nifty Smallcap 100 ended 0.27 per cent lower. Sectoral indices, including Nifty IT, FMCG, Auto, and Bank, also closed in the red.
Meanwhile, the rupee traded almost flat at around 85.65 per US dollar, slipping by 0.07 per cent. The mild strength in the dollar index and weakness in the domestic capital markets kept the currency under slight pressure.
“After yesterday’s strong rally, some profit booking was also observed in the currency. The rupee is expected to trade within a range of 85.30 to 85.90,” said Jateen Trivedi, VP Research Analyst at LKP Securities.
–IANS
