The Indian headline indices, which opened on a firm note in early trading, slipped into the red by noon and continued their decline in intraday trade. The Sensex is down 588.10 points or 0.77% at 75,550.87, while the Nifty has fallen 182.80 points or 0.79% to 22,848.60.
Tata Steel, ICICI Bank, HCL Tech, Maruti, Tech Mahindra were among major gainers on the Sensex 50, while to losers were Adani Enterprises, NTPC, Sun Pharma, Zomato and PowerGrid.
GIFT Nifty had earlier indicated a green start for domestic indices.
“Early indications from the Modi-Trump talks are positive from the market perspective. The threatened reciprocal tariffs have been delayed leaving room for further negotiations and a possible deal. India’s willingness to buy more oil & gas from the US can help reduce the trade deficit with the US. Even though Trump is unlikely to back down on reciprocal tariffs, India is treated as a friendly country and the bonhomie between the two leaders augurs well for India,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“The oversold market can bounce back in the near-term but a sustained rally is unlikely since the FIIs continue to be on sell mode. Only a decline in dollar and US bond yields will turn the FIIs into buyers. So watch out for this space. The ongoing divergence in the market’s preference in favour of largecaps over mid and small caps will continue. Some of the top holdings in small cap mutual funds now are mega caps,” he added.
Recap of Thursday’s market performance
Stock markets remained on shaky ground Thursday, with the Sensex and Nifty 50 extending their losing streak to a seventh consecutive session, the longest in three months. Despite starting on a positive note, markets struggled to hold gains, eventually closing slightly in the red.
The BSE Sensex slipped 32 points to close at 76,138, while the Nifty 50 edged down 13 points to settle at 23,031. The midcap segment managed to hold steady, but smallcap stocks saw a decline of 0.4%.
Gold rate today
Gold rate today saw a slight increase in early trade, with 24 carat gold price rising Rs 10 to Rs 87,060 per 10 grams, as per GoodReturns.
The 22 carat gold rate today also climbed Rs 10, reaching Rs 79,810 per 10 grams. For smaller quantities, 1 gram gold rate stands at Rs 8,706 for 24 carat and Rs 7,980 for 22 carat.
In global markets, spot gold held steady at $2,929.02 per ounce, moving closer to its all-time high.
