The benchmark Sensex closed 70.85 points or 0.20% lower at 35,574.55 points, while the Nifty 50 of the National Stock Exchange fell by 20.15 points or 0.19% to close trade at 10,749.75 points.
Indian equity markets closed Thursday’s trade on a negative note as heavy selling pressure in IT and metal blue-chips like Infosys (-4.47%), Reliance Industries (-2.53%), Vedanta and Tata Steel hampered investors’ risk-taking appetite. The benchmark Sensex closed 70.85 points or 0.20% lower at 35,574.55 points. The Nifty 50 of the National Stock Exchange fell by 20.15 points or 0.19% to close trade at 10,749.75 points. Reliance Industries shares plunged over 2% after its 41st Annual General Meeting today.
The benchmark Sensex slipped as much as 127 points on an intra-day basis to a low of 35517.79 points as investors booked profits. The Nifty 50 of the National Stock Exchange dropped by 43.65 points to a low of 10,726.25 points. Among the sectoral indices on the BSE, the consumer durables index gave up 561.63 points, IT index fell by 225.90 points, metal index fell by 179.72 points and the healthcare index was down by 174.52 points.
“Market traded in a narrow range while the selling pressure in IT and metal stocks capped the upside. Any signs of stability in bond yield and oil price may provide some turnaround in domestic sentiment,” said Vinod Nair, Head of Research, Geojit Financial Services. “On the other hand, mid and small-caps continued to underperform as investors are switching to large caps to minimize the risk. Global market stays in a positive terrain but the Asian market witnessed consolidation due to trade restrictions and weakening currency.”
Shares of Infosys (-4.47%), Vedanta (-3.09%), Tata Steel (-2.71%), Tata Motors DVR (-2.66%), Reliance Industries (-2.53%), Sun Pharma (-2.31%), Tata Motors (-2.06%) were among the worst performing stocks on the BSE. Shares of Yes Bank were up 3.96% and was the top performing Sensex stock on Thursday. Shares of Titan Company (-5.70%) was the worst performing stock on the National Stock Exchange.