The market ended on a weak note with most sectors bleeding, led by Realty, Auto, and Financials. Metals stood out as the sole bright spot. Broader market weakness and sustained FII selling suggest a cautious undertone in equities in the near term.
BIZ DESK
The Indian stock market came under heavy selling pressure on Thursday, with benchmark indices closing lower after a volatile session. Despite starting on a steady note, equities lost ground in the final hour as bears tightened their grip, pushing the Sensex down 556 points to 81,160 and the Nifty50 lower by 166 points to 24,891. Sectoral weakness in realty, auto, and financial stocks weighed on the market, while metal shares provided the lone cushion amid the decline.
- Sensex: 81,160 ▼ 556 points (–0.68%)
- Nifty50: 24,891 ▼ 166 points (–0.66%)
Key Draggers
Blue-chip counters such as Power Grid, Tata Motors, Trent, TCS, Asian Paints, NTPC, Adani Ports, Bajaj Finserv, HCL Tech, Titan, M&M, Bajaj Finance, L&T, Reliance Industries, and Kotak Bank slipped between 1% and 3%.
On Nifty50, Shriram Finance, Adani Enterprises, Dr. Reddy’s Labs, Cipla, Jio Financial Services, and Grasim Industries added to the downside pressure.
Broader Market Performance
- Nifty MidCap 100: ▼ 0.64%
- Nifty SmallCap 100: ▼ 0.57%
The weakness in broader markets suggests that selling was not confined to frontline stocks but spread across segments.
Sector-Wise Breakdown
- Realty: The Nifty Realty index was the worst performer, tumbling 1.65% for the second consecutive session as rising bond yields and concerns over liquidity weighed on sentiment.
- Auto: The Nifty Auto index shed 0.9%, dragged by Tata Motors, M&M, and Bajaj Auto amid profit-booking after recent gains.
- Financials: Both banking and NBFC counters remained under pressure. Kotak Bank, Bajaj Finance, Bajaj Finserv, and Shriram Finance were among the notable losers, reflecting caution ahead of upcoming quarterly earnings.
- IT: Tech majors like TCS and HCL Tech slipped, pulling the Nifty IT index down as global cues signaled weakness in the US tech sector.
- Metals: In contrast, the Nifty Metal index bucked the trend, rising 0.22%, aided by strength in Hindalco and Tata Steel amid firm global commodity prices.
- Pharma: Dr. Reddy’s and Cipla losses pulled the pharma index lower, despite some defensive buying in select counters.
Market Sentiment
Analysts attribute the late-hour sell-off to FII (foreign institutional investor) outflows, caution ahead of US Fed commentary, and rising crude oil prices, which may stoke inflation concerns. Traders also noted that volatility is likely to remain high as September derivatives expiry approaches.