Business

Indian Stock Market Extends Losing Streak As Key Sectors Face Selling Pressure

The Indian stock market continued its downtrend on Thursday, marking the sixth consecutive day of declines as investors offloaded shares in key sectors, particularly PSU banks, pharmaceuticals, FMCG, and metals.

At the end of the session, the Sensex settled at 77,580.31, down by 110.64 points or 0.14%. Similarly, the Nifty closed at 23,532.70, recording a mild loss of 26.35 points or 0.11%.

In contrast, the Nifty Bank index showed resilience, gaining 91.20 points (0.18%) to close at 50,179.55.

The Nifty Midcap 100 index rose by 242.25 points, or 0.45%, reaching 54,043.10, while the Nifty Smallcap 100 index added 142.15 points (0.81%) to end at 17,601.05.

Gains were seen across the auto, IT, financial services, real estate, media, private banking, and infrastructure sectors, while the PSU bank, pharma, FMCG, and metal sectors experienced significant selling pressure.

Among individual stocks on the Sensex, Kotak Mahindra Bank, Tech Mahindra, M&M, HDFC Bank, Asian Paints, and JSW Steel emerged as top gainers. Conversely, Hindustan Unilever, NTPC, Nestle India, IndusInd Bank, Power Grid, and Tata Motors were among the biggest laggards.

On the broader Bombay Stock Exchange (BSE), market breadth indicated a mixed sentiment with 2,159 stocks advancing while 1,798 declined, and 93 stocks showed no change.

Global Pressures & Strong Dollar Weigh On Indian Markets

Analysts noted that global economic pressures and persistent foreign investor outflows continued to dampen sentiment, extending the Sensex and Nifty’s losing streak.

According to Vikram Kasat of PL Capital, the ongoing strength of the dollar, now at 106.61, combined with the US 10-year bond yield climbing to 4.48%, has added significant pressure on Indian equities.

The rupee’s decline to an all-time low of 84.40 against the dollar exacerbates the strain, creating a challenging environment for the market.

Experts anticipate that the market will turn its attention to potential improvements in domestic economic indicators and business performance, with hopes for a recovery in government spending.

This spending had slowed earlier in the year due to the impact of both national and state elections, but a rebound could provide crucial support to the market going forward.

Also Read: Apple Exports iPhone Worth Rs 60,000 Crore In First 7 Months Of FY25

Mankrit Kaur

Recent Posts

Yemen’s Houthis Claim Responsibility For Missile Attack On Israel

Yemen's Houthi group has claimed responsibility for a missile attack on Israel's Negev region, targeting…

2 hours ago

From ‘Razia Sultan’ To ‘Sarfarosh’: The Timeless Journey Of Nida Fazli, ‘Main Nida’

A special screening of the film 'Main Nida', based on the life of the renowned…

2 hours ago

Flood Alert In PoK’s Muzaffarabad After Alleged Jhelum Water Release

A flood alert was issued across Muzaffarabad on Saturday after locals reported a sudden rise…

4 hours ago

Zelensky, Trump Hold Talks In Rome Ahead Of Pope’s Funeral; Discuss Ceasefire & Peace

US President Donald Trump and Ukrainian President Volodymyr Zelensky met in Rome on Saturday ahead…

4 hours ago

Pahalgam Terror Attack: Ishan Educational Institutions Organises Protest Against Terrorism

Ishan Educational Institutions, Greater Noida, today organised a peaceful protest march condemning the recent terror…

5 hours ago

Complete Ban On Drone Flights Over Noida International Airport ‘Red Zone’

Authorities have imposed a complete ban on the operation of drones and UAVs over and…

6 hours ago