Equity benchmarks closed lower on Thursday as a confluence of weak global cues, rising crude oil prices, geopolitical tensions in the Middle East, and sustained selling in IT stocks dampened investor sentiment. The session was marked by heightened volatility, with both indices oscillating between losses and recovery before settling in negative territory.
Key Indices Performance
The BSE Sensex declined 150.63 points, or 0.20%, to close at 73,832.55, while the NSE Nifty fell 53.35 points, or 0.23%, to end at 23,161.60.
Top Gainers and Losers
Among Sensex and Nifty constituents, Mahindra & Mahindra, ICICI Bank, Kotak Mahindra Bank, JSW Steel, and Bharti Airtel were among the top gainers. On the losing side, Infosys, Adani Ports, HCL Technologies, Eternal, and Bharat Electronics featured prominently.
Nifty50 Top Gainers
- Kwality Wall's: Rs 34.86, up 5.61%
- ICICI Bank: Rs 1,317, up 1.84%
- M&M: Rs 3,001, up 1.64%
- Kotak Bank: Rs 393.35, up 1.36%
- JSW Steel: Rs 1,282, up 0.99%
- Grasim Inds: Rs 3,090, up 0.60%
- Cipla: Rs 1,383, up 0.46%
- Sun Pharma: Rs 1,794, up 0.44%
- Bharti Airtel: Rs 1,783, up 0.42%
- RIL: Rs 1,263, up 0.34%
Sensex Top Gainers
- Kwality Wall's: Rs 34.86, up 5.61%
- ICICI Bank: Rs 1,317, up 1.84%
- M&M: Rs 3,001, up 1.64%
- Kotak Bank: Rs 393.35, up 1.36%
- Sun Pharma: Rs 1,794, up 0.44%
- Bharti Airtel: Rs 1,783, up 0.42%
- RIL: Rs 1,263, up 0.34%
- Axis Bank: Rs 1,317, up 0.22%
- Maruti Suzuki: Rs 13,098, up 0.20%
- NTPC: Rs 351.85, up 0.06%
Nifty50 Top Losers
- Infosys: Rs 1,115, down 2.69%
- HCL Tech: Rs 1,110, down 1.94%
- Eternal: Rs 235.20, down 1.92%
- Adani Ports SEZ: Rs 1,787, down 1.88%
- Trent: Rs 2,711, down 1.60%
- Bajaj Finance: Rs 870.55, down 1.54%
- BEL: Rs 402.30, down 1.49%
- Hindalco: Rs 1,024, down 1.45%
- L&T: Rs 3,862, down 1.42%
- HUL: Rs 2,140, down 1.37%
Sensex Top Losers
- Infosys: Rs 1,115, down 2.69%
- HCL Tech: Rs 1,110, down 1.94%
- Eternal: Rs 235.20, down 1.92%
- Adani Ports SEZ: Rs 1,787, down 1.88%
- Trent: Rs 2,711, down 1.60%
- Bajaj Finance: Rs 870.55, down 1.54%
- BEL: Rs 402.30, down 1.49%
- L&T: Rs 3,862, down 1.42%
- HUL: Rs 2,140, down 1.37%
- Bajaj Finserv: Rs 1,645, down 1.15%
Volatile Intraday Trade
Markets opened sharply lower, tracking weakness in global equities after renewed concerns over the US-Iran conflict pushed crude oil prices higher. In early trade, the Sensex fell 464.43 points to 73,518.75, while the Nifty dropped 142.9 points to 23,072.05. However, indices recovered in the first half of the session and briefly turned positive. Around 1:50 pm, the Sensex was up 75.95 points at 74,059.13, while the Nifty hovered near flat at 23,217.90. The recovery faded later in the day as selling resumed.
Global and Domestic Pressure Points
Market sentiment remained under pressure from elevated crude oil prices and renewed geopolitical tensions in the Middle East. Persistent foreign institutional investor (FII) outflows and a weaker rupee also added to caution. Ajit Mishra, SVP-research at Religare Broking Limited, noted that markets remained volatile on the weekly expiry day and ended lower amid weak global cues. He added that sentiment was fragile due to geopolitical escalation and concerns over elevated global interest rates after stronger US inflation data.
Sectoral Trends
IT stocks were the worst hit, with the Nifty IT index falling over 1%, followed by declines in FMCG, energy, realty, PSU banks, consumer durables, and chemicals. Banking and pharmaceutical stocks showed resilience and helped limit broader losses, while Nifty Media bucked the trend, ending 1.78% higher at 1,465.50. Analysts noted that the market continues to see selling on rallies, though selective buying in heavyweight stocks is providing support. Mishra cautioned that a decisive fall below the 23,000 level on the Nifty could trigger further correction, while upside momentum may remain capped near 23,500.
