MUMBAI— Indian stock markets ended in the red on Thursday as investor sentiment weakened due to lackluster first-quarter earnings in the IT and banking sectors, alongside continued foreign fund outflows tied to trade deal uncertainties.
The benchmark Sensex fell 375.24 points, or 0.45 percent, to close at 82,259.24. It had opened slightly higher at 82,753.53 but slipped into negative territory early in the session, dragged down by heavyweights including TCS, Infosys, and HDFC Bank. The index touched an intraday low of 82,219.27.
The Nifty also declined, ending the day at 25,111.45, down 100.60 points or 0.40 percent.
Vinod Nair, Head of Research at Geojit Financial Services, said Indian equities closed marginally lower as investors exercised caution amid subdued earnings reports, particularly from the technology and banking sectors. Elevated valuations in large-cap stocks and foreign institutional investor (FII) outflows added to the pressure. He noted that any positive developments could help lift market sentiment going forward.
Among the day’s biggest losers on the Sensex were Tech Mahindra, HCL Tech, Infosys, TCS, Axis Bank, Bajaj Finserv, and HDFC. In contrast, stocks like Tata Steel, Trent, Tata Motors, and Titan managed to post gains. Of the Nifty 50 constituents, 19 advanced while 31 declined.
Broader market indices also ended lower. The Nifty Next 50, Nifty Midcap 100, and Nifty Smallcap 100 all posted losses for the day. Sectorally, IT, banking, and financial services stocks dragged the market down, while the FMCG sector showed relative strength.
The rupee weakened slightly, trading at 86.02 against the dollar, down 0.12 percent. A stronger dollar index and weakness in domestic equities contributed to the pressure on the local currency.
According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty remained under selling pressure throughout the session as it failed to break through the key resistance level of 25,260. He noted that a visible consolidation breakout on the hourly chart suggests waning bullish momentum. In the short term, the index could drift toward the 24,900 to 24,920 range unless it manages to reclaim resistance. (Source: IANS)
