Indian equity markets ended Thursday’s trading session on a muted note, as gains in information technology stocks were offset by losses in auto, metal and pharmaceutical shares.
During the session, the Sensex witnessed sharp intraday swings, moving within a range of 542 points. It touched an intra-day low of 84,238 before rising to a high of 84,780.
However, the momentum faded in the latter half of the day, and the index finally closed 78 points lower at 84,482.
As a result, the Sensex ended in the red for the fourth consecutive session and has lost about 785 points over the last four trading days.
Meanwhile, the Nifty also retreated from its intraday peak and ended marginally lower. After touching a day’s high of 25,902, the index closed down by just 3 points at 24,815.55.
“The trend continues to remain weak, with the 25,700 level appearing vulnerable to a breakdown,” analysts said.
The analysts added, “A decisive breach below 25,700 could trigger a swift next leg of correction. On the upside, resistance is placed around 25,900.”
Notably, IT stocks emerged as the main support for the market. Tata Consultancy Services (TCS) was the top gainer among Sensex stocks, rising nearly 2 per cent.
Similarly, Tech Mahindra and Infosys gained around 1.7 per cent each. Adani Ports, HCL Technologies and Axis Bank also ended the session higher.
Sector-wise, the IT index rose over 1 per cent, reflecting strong buying interest in technology stocks.
On the downside, Sun Pharma was the biggest laggard, falling 2.7 per cent after the US drug regulator classified the inspection outcome of its Baska facility as Official Action Indicated.
Alongside it, shares of Tata Steel, Power Grid, Asian Paints, Larsen & Toubro and NTPC also closed lower.
Meanwhile, the power sector slipped 1 per cent, while auto stocks declined around 0.5 per cent during the session.
In the broader market, mid-cap stocks ended flat, while small-cap stocks slipped 0.3 per cent.
Overall, market breadth remained negative, with nearly 2,500 shares declining compared to about 1,644 advancing stocks on the BSE.
Looking ahead, markets will focus on US core inflation and jobless claims data, along with interest rate decisions from the Bank of England, the European Central Bank and the Bank of Japan, for clearer directional cues, experts said.
Also Read: Sensex And Nifty Open Lower On Weak Global Cues; Auto And Pharma Stocks Lead Losses
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