Indian benchmark equity indices extended their losing streak for a fourth consecutive day, with the Sensex tumbling 417 points as rising crude oil prices and a significant sell-off in IT stocks weighed heavily on investor sentiment.
Key Points
- The BSE Sensex dropped 417.49 points, or 0.55 per cent, to close at 76,152.86, marking its fourth consecutive day of losses.
- The NSE Nifty slipped 41 points, or 0.17 per cent, to settle at 23,873.45.
- Rising Brent crude oil prices, which increased by 1.57 per cent to $97.13 per barrel, acted as a significant drag on the domestic market.
- Major IT stocks, including HCL Technologies, Tech Mahindra, and Tata Consultancy Services, were among the top laggards, contributing to the market downturn.
- Despite the overall decline, banking and realty stocks showed leadership, and small-caps attracted investor interest, indicating confidence in domestic growth prospects.
Benchmark equity indices extended their losing streak to a fourth consecutive day on Thursday, with the Sensex tumbling 417 points as rising crude oil prices and losses in IT stocks weighed on investor sentiment.
Besides, profit-booking in the final hour of trade further dragged the benchmark lower.
Market Performance Overview
The 30-share BSE Sensex dropped 417.49 points, or 0.55 per cent, to close at 76,152.86.
The index opened higher and rose 354.13 points, or 0.46 per cent, to hit an intraday high of 76,924.48 before paring gains during the closing session.
The 50-share NSE Nifty slipped 41 points, or 0.17 per cent, to settle at 23,873.45.
Top Gainers and Losers
Among the 30 Sensex firms, Titan, Trent, ITC, Mahindra & Mahindra, Bajaj Finserv, HCL Technologies, Tech Mahindra, Sun Pharmaceuticals, Tata Consultancy Services, UltraTech Cement and Bajaj Finance were the major laggards.
On the other hand, Axis Bank, Adani Ports, Asian Paints, HDFC Bank, Bharti Airtel, Bharat Electronics Ltd and Tata Steel were among the gainers.
Global Factors and Expert Insights
Brent crude, the global oil benchmark, rose 1.57 per cent to $97.13 per barrel.
"Stubbornly high crude oil prices continue to act as key overhangs for the domestic market," said Vinod Nair, Head of Research, Geojit Investments Ltd.
He said that the market's recovery attempt lost steam as supportive global cues and renewed FII inflows collided with lingering geopolitical tensions and elevated global yields.
"Banking and realty stocks provided leadership, while small-caps attracted investor interest, reflecting confidence in domestic growth prospects," Nair added.
International Market Trends
Asian markets ended on a mixed note, with Hong Kong's Hang Seng and Japan's Nikkei 225 settling lower.
Shanghai's SSE Composite index closed flat, while South Korea's Kospi ended higher.
Investor Activity
Foreign Institutional Investors (FIIs) bought equities worth Rs 6,688.37 crore on Wednesday, while Domestic Institutional Investors (DIIs) also purchased shares worth Rs 2,812.98 crore, according to exchange data.
