Bears were back on Dalal Street on Thursday, after a day's hiatus, as the headline indices settled lower for the session. Weak global cues, sub-par Q3 earnings and FIIs selling weighed on trader's sentiments ahead of extended weekend for the Indian markets. However, traders also await for India's interim budget due next week. For the day, BSE's Sensex tanked 359.64 points, or 0.51 per cent, to settle at 70,700.67. NSE's Nifty50 dropped 101.35 points, or 0.47 per cent, to end the day at 21,352.60. Broader markets were mixed as the BSE midcap index shed 0.35 per cent, while the BSE smallcap index advanced half-a-per cent. Fear gauge India VIX shed more than 3.5 per cent to 13.87-mark. Markets resumed decline and shed nearly half a percent amid mixed cues. After the weak start, buying in select heavyweights triggered some rebound in the middle however continued pressure in the private banking majors capped upside. The broader indices also witnessed varied moves, said Ajit Mishra, SVP - Technical Research, Religare Broking. "The prevailing pressure in banking majors is largely weighing on the sentiments however selective buying in others is capping the damage so far. This diverging trend indicates further consolidation in the index so traders should stay focused on stock selection and trade management until we see some clarity," he said. On a sectoral front, the Nifty IT index topped among the laggards, falling 1.6 per cent. The Nifty healthcare, pharma and FMCG indices dropped more than a per cent each. Among the gainers, the Nifty realty index rose two-third of a per cent, while the Nifty auto, metal, media and PSU Bank indices posted mild gains. In the Nifty50 pack, Tech Mahindra dropped 6 per cent after disappointing Q3 results, while Cipla dropped 3 per cent. Bharti Airtel declined 2.5 per cent for the day. Divis Labs, LTIMindtree and Tata Consumer shed 2 per cent each. Among the gainers, Bajaj Auto rose 5 per cent after Q3 results and Adani Ports was down about 3 per cent. NTPC and Coal India were up 2 per cent each. The benchmark indices closed on a negative note taking cues from the global market as the positive upside coming from the US economy delayed the optimism of a rate cut. FIIs are in a selling mode as the yields on US benchmark bonds rise, said Vinod Nair, Head of Research, Geojit Financial Services. "The broader market is unable to hold gains as the concerns of high valuations, subpar results, and persisting geopolitical tension in the Middle East, followed by an F&O expiry, are weighing down the market," he said. A total of 3,899 shares were traded on BSE on Thursday, of which 2,131 settled with cuts. 1,680 stocks ended the session with gains while 88 shares remained unchanged. During the day, 375 shares hit their upper circuit, whereas 253 shares tested the lower circuit levels for the day. In the Broader markets, Indraprastha Gas and Balkrishna Industries dropped 7 per cent each, while Shiva Cements, KPIT Technologies, DCB Bank and Aarti Drugs were down 6 per cent each. Laurus Labs, Hindustan Petroleum and PNB Housing Finance declined 5 per cent each. Among the gainers, Oswal Greentech hit an upper circuit 20 per cent, while RITES surged 19 per cent. ACC surged 11 per cent, while Gujarat Ambuja Exports and Metro Brands advanced 10 per cent. NBCC jumped 9 per cent each and NDMC Steel settled 8 per cent higher for the day.
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