Mumbai– The Indian stock market closed lower on Thursday as investors booked profits following a strong seven-day bull run. Sentiment was also weighed down by the Pahalgam terror attack and the expiry of April derivatives contracts on the National Stock Exchange (NSE).
The Sensex opened slightly lower at 80,058, briefly touched a high of 80,174, but fell steadily throughout the day. It hit an intraday low of 79,725 before closing at 79,801, down 315 points, snapping its seven-day winning streak during which it gained 6,269 points.
The Nifty followed a similar pattern, trading in a narrow 131-point range between 24,348 and 24,216 before closing at 24,247, down 82 points. Despite the day’s decline, the Nifty added 656 points, or 2.8 percent, in the April futures and options series.
“Markets traded in a narrow range and ended slightly lower on the monthly expiry day of derivatives contracts,” said Ajit Mishra, Senior Vice President of Research at Religare Broking. He added that this consolidation phase was expected and could continue in the near term, advising investors to focus on selective stock opportunities and view market dips as buying chances.
Among top laggards, Hindustan Unilever fell 4 percent after reporting a slight decline in March-quarter net profit. Bharti Airtel, ICICI Bank, and Eternal (Zomato) also closed 1-2 percent lower. IndusInd Bank led the gainers, rising over 3 percent, while UltraTech Cement, Tata Motors, and Titan also ended in the green.
In the broader market, the BSE MidCap index slipped 0.2 percent, while the SmallCap index closed flat.
Sector-wise, FMCG stocks faced pressure, with the BSE FMCG index down 0.8 percent. Realty stocks were weaker, dragging the sectoral index down by 1.4 percent. The BSE Bankex declined 0.4 percent, while healthcare stocks saw modest buying, lifting the sector index by 0.6 percent. Cement stocks outperformed, supported by steady demand.
Analysts believe some profit-taking was expected after the recent rally, with geopolitical tensions adding to market caution. “Investors will now shift focus to upcoming earnings reports and global cues for further direction,” they noted. (Source: IANS)
