BIZ DESK
The Indian equity markets, including the Nifty50 and Sensex, concluded the trading day in the red, extending their losing streak for a third consecutive week. This downward pressure was largely attributed to a broad sell-off in IT shares and a general sense of caution among investors as they anticipated upcoming US-India trade discussions.
At the close of trading, the 30-share Sensex had plummeted by over 500 points to settle at 81,757. Similarly, the Nifty shed more than half a percent, or 143 points, to end the session at 24,968. The broader market also felt the impact, with both the BSE mid-cap and small-cap indices experiencing a sell-off and each losing over 0.6%.
Top Performers and Laggards
The negative sentiment was widespread, as 23 of the 30 companies in the Sensex pack ended in negative territory. The biggest drag on the index was Axis Bank, which saw its shares fall by over 5.2%. It was followed by a more than 2.3% drop in Bharat Electronics Ltd and a nearly 1.5% decline in Bharti Airtel.
On the other hand, a few companies managed to buck the trend. Bajaj Finance was the top gainer, rising over 1.9%, while Tata Steel climbed by 1.66%, and ICICI Bank advanced by more than half a percent.
Sectoral Trends
The selling pressure was felt across almost all sectors, with 18 of the 21 sectoral indices on the BSE closing lower. The worst-hit sectors were Capital Goods, which dipped 1.5%, Bankex, which slipped over 1.3%, and Industrials, which fell by more than 1%.
Among the few sectors that ended in positive territory, the gains were modest. Metal surged over 0.4%, while Focused IT and Services saw slight increases of 0.05% and 0.02%, respectively.
The overall market breadth at the BSE was overwhelmingly negative, as shares of 2,389 companies declined compared to the 1,660 that advanced. Furthermore, on the National Stock Exchange (NSE), while 69 companies hit a new 52-week high, a notable 19 companies fell to a new 52-week low, highlighting the pressure on specific stocks despite the overall market movements.
