Mumbai— Indian equity markets closed lower on Thursday, dragged down by weak global cues, particularly from Asian markets, which weighed on investor sentiment.
The BSE Sensex dropped 644.64 points or 0.79%, ending the session at 80,951.99. During the day, the index fluctuated between 80,489.92 and 81,323.24.
The NSE Nifty 50 also declined, losing 203.75 points or 0.82%, to settle at 24,609.70.
“Technically, Nifty formed a red candle on the daily chart, indicating weakness,” said Hrishikesh Yedve of Asit C. Mehta Investment Intermediates Ltd. “However, the index found support near the 21-Day Exponential Moving Average (21-DEMA) at 24,445, while 25,000 will serve as short-term resistance.”
Losses were broad-based across sectors, with auto, consumer goods, IT, FMCG, and oil and gas stocks among the worst performers, each falling over 1%. Major laggards included Power Grid, Mahindra & Mahindra, ITC, Bajaj Finserv, and HCL Technologies.
Among the few gainers, IndusInd Bank rose 1.82%, followed by Bharti Airtel up 0.44%, and UltraTech Cement with a modest gain of 0.10%.
In the broader market, the Nifty Midcap 100 and Nifty Smallcap 100 indices dropped 0.52% and 0.26%, respectively. Nifty Media was the only sectoral index to end in the green.
The India VIX, a key indicator of market volatility, fell 1.65% to close at 17.26, suggesting a slight decline in investor anxiety.
Despite improvements in India’s Purchasing Managers’ Index (PMI) and fiscal outlook, analysts believe ongoing global market volatility and uncertainty around trade negotiations will likely keep Indian equities in a consolidation phase in the near term. (Source: IANS)
