Mumbai: Indian stock 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.
The Sensex witnessed sharp swings during the day, moving in 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 session and the index closed 78 points lower at 84,482.
With this, the Sensex ended in the red for the fourth consecutive session and has lost about 785 points over the last four trading days.
The Nifty also slipped from its day’s high of 25,902 and ended marginally lower, closing 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.
“A decisive breach below 25,700 could trigger a swift next leg of correction. On the upside, resistance is placed around 25,900,” they added.
IT stocks were the main support for the market. TCS emerged as the top gainer among Sensex stocks, rising nearly 2 per cent.
Tech Mahindra and Infosys gained around 1.7 per cent each. Adani Ports, HCL Technologies and Axis Bank also ended higher.
On the other hand, 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.
Shares of Tata Steel, Power Grid, Asian Paints, Larsen & Toubro and NTPC also closed lower.
In the broader market, mid-cap stocks ended flat, while small-cap stocks slipped 0.3 per cent.
Market breadth remained negative, with nearly 2,500 shares declining compared to about 1,644 advancing stocks on the BSE.
Sector-wise, the IT index rose over 1 per cent, reflecting strong buying interest in technology stocks.
In contrast, the power sector slipped 1 per cent, while auto stocks declined around 0.5 per cent during the session.
“Looking ahead, markets will focus on US core inflation and jobless claims data, alongside interest rate decisions from the BoE, ECB, and Bank of Japan, for clearer directional cues,” experts stated.
(IANS)
