Domestic equity markets gave up the initial gains to settle lower on Thursday amid mixed global cues. Headline indices remained range-bound for the day but profit booking on the weekly expiry pushed the headline indices lower. Sectoral churning weighed on the market sentiments amid the absence of decisive cues.
For the day, BSE's Sensex dropped 143.41 points, or 0.22 per cent, to end at 64,832.20. NSE's Nifty50 gained 48.20 points, or 0.25 per cent, to end the day at 19,395.30. Broader markets performed in-line with the headline indices as BSE midcap and smallcap indices settled in red. Fear gauge India VIX shed a half-per cent to 10.98-mark.
The Nifty experienced a volatile session, ultimately closing at 19,395.30, indicative of mixed global sentiment. The daily chart reveals a bearish candlestick pattern. The Indian market seems to be in a range-bound trend, with a potential breakout contingent on the Nifty index successfully surpassing the critical level of 19,500, said Mandar Bhojane, Research Analyst at Choice Broking
On a sectoral front, the Nifty FMCG and IT indices dropped about a per cent each, while Nifty consumer durables and IT indices dropped over half a per cent each. Among the gainers, the Nifty realty rose more than a per cent, while the Nifty auto index was also up a per cent for the day.
In the Nifty50 pack, Adani Enterprises, Hindustan Unilever and Adani Ports dropped 2 per cent each. Tata Consumer, ONGC, Tech Mahindra, Reliance Industries, UPL and Infosys shed more than a per cent each. Among the gainers, Mahindra & Mahindra and Apollo Hospital Enterprises surged 4 per cent each, while Coal India rose more than 2 per cent.. Markets remained range bound for the third day in a row and ended marginally lower. After the flat start, Nifty remained in a narrow range amid a mixed trend. Resilience continued on the broader front and both midcap and smallcap index closed unchanged, said Ajit Mishra, SVP - Technical Research, Religare Broking.
Cotton yarns player Lagnam Spintex reported a 47 per cent rise in the revenue at Rs 92.58 crore in the September 2023 quarter. on the back of new product profile and rise in exports. Its exports turnover surged more than 83 per cent to Rs 40.83 in the given quarter.
A total of 3,827 shares were traded on BSE on Thursday, of which 2,044 settled with cuts. 1,65 stocks ended the session with gains while 126 shares remained unchanged. During the day, 277 shares hit their upper circuit, whereas 232 shares tested the lower circuit levels for the day.
Reflecting the mixed global sentiments, the Indian market is mired to a range bound trend with the Nifty index not able to breach above the key level of 19,500. Cues from the Fed Chair's speech have reduced the likelihood of a rate hike in the near term, leading to an ease in US treasury yields and calming the market, said Vinod Nair, Head of Research at Geojit Financial Services.
"FIIs selling has moderated but inflows continue to be muted on concerns of an elevated interest rate and a global slowdown. Mid- and small caps are back in favour after the recent fall, led by retail activities & good corporate results," he said.
In the Broader markets, Garware Hi-tech Films tumbled 12 per cent, while MTAR Technologies and Best Agrolife crashed 11 per cent each. Rajnish Wellness and KRBL dropped 9 per cent each, while Pricol declined 8 per cent. Mishra Dhatu Nigam ended 7 per cent down for the day.
Among the gainers, Ador Welding, KPI Green Energy and Carysil surged 10 per cent each, while Sun Pharma Advanced Research Company, Aegis Logistics and Dishman Carbogen gained 8 per cent each. Neuland Laboratories and Huhtamaki India settled 7 per cent up for the day.
Also Read: Tata Tech in talks with Morgan Stanley, US funds for IPO investments at $2.5-bn valuation: Report