Business
Banking Stocks Limit Losses in Volatile Trading Session
Benchmark equity indices closed with moderate losses on Thursday after a late bout of selling wiped out earlier gains. Weak global cues weighed on sentiment, while IT stocks led the decline amid broad-based weakness across sectors.
Indian benchmark equity indices ended Thursday’s trading session in the red as profit booking in the final hour of trade erased gains made during the day.
The BSE Sensex declined by 151 points, or 0.20 per cent, to settle at 73,833, while the Nifty 50 fell 53 points, or 0.23 per cent, to close at 23,162.
Markets Reverse Intraday Recovery
The markets opened lower, tracking weak global cues. Although both indices gradually recovered and briefly traded in positive territory during the session, renewed selling pressure in the closing hour pushed them back into negative territory.
Broader Markets Also Under Pressure
The broader market mirrored the weakness seen in benchmark indices on the National Stock Exchange.
- The Nifty Midcap 100 Index declined by 0.8 per cent.
- The Nifty Smallcap 100 Index slipped by nearly 0.7 per cent.
The losses indicated cautious investor sentiment extending beyond large-cap stocks.
Top Movers in the Sensex
Among the 30 constituents of the Sensex, 21 stocks ended lower.
Top Losers:
- Infosys: ▼ 2.7%
- HCL Technologies: ▼ 2.0%
- Adani Ports and Special Economic Zone: ▼ 1.9%
Top Gainers:
- ICICI Bank: ▲ 1.9%
- Mahindra & Mahindra: ▲ 1.7%
- Kotak Mahindra Bank: ▲ 1.1%
Sectoral Performance
Sectoral trends at the BSE Limited remained largely negative, with 20 out of 25 sectoral indices ending lower.
Major Losers:
- IT Index: ▼ 1.8%
- Focused IT Index: ▼ 1.6%
- Industrials Index: ▼ 1.4%
Major Gainers:
- Private Bank Index: ▲ 0.4%
- Healthcare Index: ▲ 0.25%
- Bankex: ▲ 0.2%
The decline in technology stocks emerged as the primary drag on the broader market.
Negative Market Breadth
The overall market breadth on the BSE remained weak, reflecting widespread selling pressure.
- 2,807 stocks declined
- 1,384 stocks advanced
- 198 stocks remained unchanged
The figures indicate that declining stocks significantly outnumbered advancing shares.
Investor Outlook
Analysts attributed the subdued close to weak global cues and late-session profit booking after markets attempted an intraday rebound. Investors are expected to closely monitor:
- Global market developments,
- Foreign institutional investor activity,
- Commodity price movements,
- Domestic macroeconomic indicators, and
- Corporate earnings outlooks.
With broader markets continuing to face pressure, participants are likely to remain cautious in the near term.
