The Indian stock market ended lower on Thursday as investors booked profits following a strong seven-day bull run.
Market sentiment was also dampened by the terror attack in Pahalgam and the expiry of the April derivatives contracts on the National Stock Exchange (NSE).
The Sensex opened slightly lower at 80,058 and briefly touched an early high of 80,174. However, selling pressure prevailed through the day, dragging the index down. It fell to an intra-day low of 79,725 before settling at 79,801, down 315 points. This marked the end of a seven-day winning streak, during which the Sensex had surged by 6,269 points.
The Nifty followed a similar trajectory, trading within a narrow 131-point range. It moved between a high of 24,348 and a low of 24,216 before closing at 24,247, down 82 points. Despite Thursday’s decline, the Nifty posted a gain of 656 points, or 2.8 per cent, in the April futures and options series.
“Markets remained subdued, trading within a narrow range on the monthly expiry day of the April derivatives contracts, and ended slightly lower,” said Ajit Mishra, Senior Vice President – Research at Religare Broking Ltd. He noted that this phase of consolidation is in line with expectations and may continue in the upcoming sessions. “We recommend maintaining a focus on stock selection and using market dips as buying opportunities,” he added.
Among the top losers, Hindustan Unilever dropped 4 per cent after reporting a marginal decline in its March quarter net profit. Bharti Airtel, ICICI Bank, and Eternal (Zomato) also ended 1–2 per cent lower. In contrast, IndusInd Bank was the top gainer, rising over 3 per cent, while UltraTech Cement, Tata Motors, and Titan also ended in the green.
In the broader market, the BSE MidCap index slipped 0.2 per cent, while the SmallCap index closed flat.
Sector-wise, FMCG stocks came under pressure, with the BSE FMCG index falling 0.8 per cent. Realty stocks were weak as well, dragging the sectoral index down by 1.4 per cent. Banking stocks witnessed mild selling, with the BSE Bankex losing 0.4 per cent. On the other hand, healthcare stocks saw buying interest and the index ended 0.6 per cent higher.
Cement stocks were among the best performers in Thursday’s trade. Analysts said that some profit-taking was expected after the recent strong rally, and geopolitical tensions added to the cautious sentiment.
— IANS
