After a strong week-long rally, Indian stock markets took a pause on Thursday, with benchmark indices Sensex and Nifty closing the day in the negative territory. The markets, which had displayed considerable momentum over the last seven sessions, seemed to be in a consolidation phase as investors chose to book profits.
At the close of trading, the BSE Sensex declined by 315.06 points, or 0.39 per cent, to settle at 79,801.43. Meanwhile, the NSE Nifty dropped by 82.25 points, or 0.34 per cent, to finish at 24,246.70.
The Nifty Bank index also mirrored the broader trend, ending 0.30 per cent lower at 55,201.40. Market volatility, as indicated by the India VIX index, increased by 1.81 per cent, reflecting cautious sentiment among traders.
Despite the overall dip, some stocks managed to buck the trend. IndusInd Bank emerged as the top gainer among the Nifty 50 constituents, ending the day nearly 3 per cent higher. It was followed by UltraTech Cement, which rose close to 2 per cent.
Other notable gainers included Dr. Reddy’s Laboratories, Cipla, Tata Motors, and Tata Consumer Products, all of which saw decent upward movement.
On the other hand, Hindustan Unilever Limited (HUL) turned out to be the day’s biggest laggard, falling by around 4 per cent. The stock’s decline weighed heavily on the benchmark indices. Other stocks that contributed to the downward movement included Bharti Airtel, Eicher Motors, ICICI Bank, ONGC, and Adani Enterprises.
The 30-share BSE benchmark declined 315.06 points or 0.39 per cent to settle at 79,801.43. During the day, it dropped 391.94 points or 0.48 per cent to 79,724.55. The NSE Nifty went down by 82.25 points or 0.34 per cent to 24,246.70. In the past seven trading days, the BSE benchmark gauge zoomed 6,269.34 points or 8.48 per cent and the Nifty jumped 1,929.8 points or 8.61 per cent.
The market breadth on the NSE was relatively balanced. Out of 2,923 stocks traded, 1,407 advanced while 1,423 declined. A total of 93 stocks remained unchanged, highlighting the mixed sentiments prevailing among investors.
Interestingly, the market also witnessed significant action in terms of 52-week highs and lows. As many as 52 stocks touched new 52-week highs, signalling continued investor interest in certain segments.
Notable names on this list included AstraZeneca Pharma, Bajaj Finserv, and Bajaj Finance. However, not all stocks shared the positive outlook — 13 stocks touched their 52-week lows. Among these, Gensol Engineering stood out, continuing its downward spiral and trading near Rs 94 per share.
The session also saw movement in stocks hitting circuit limits. As many as 114 stocks were locked in the upper circuit, while 37 stocks hit the lower circuit, indicating selective bullishness and cautious selling pressure in different pockets of the market.
On the currency front, the Indian rupee managed to reverse its recent losses and ended 15 paise higher against the US dollar. The rupee settled at 85.27, compared to Wednesday’s close of 85.42.
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