Noida, Apr 16 (APAC Media): Indian equity benchmarks ended lower on Thursday as investors booked profits after recent gains and remained cautious ahead of key triggers. The market witnessed a volatile session, with indices fluctuating between gains and losses before settling in the red.
The BSE Sensex declined by 124 points to close at 77,989, while the NSE Nifty 50 slipped 35 points to settle below the psychological 24,210 level at 24,186. The weakness was largely attributed to selling pressure in heavyweight banking and telecom stocks, which dragged the indices lower despite support from select sectors.
Market sentiment started on a mildly positive note, supported by firm global cues and easing crude oil prices. However, the momentum was short-lived as investors chose to lock in profits, especially in stocks that had seen a sharp run-up in recent sessions. The decline in frontline banking stocks weighed heavily on the benchmarks, contributing significantly to the overall fall.
Sector-wise, the market presented a mixed picture. Auto and financial stocks were among the top losers, reflecting cautious investor sentiment in rate-sensitive sectors. On the other hand, IT and metal stocks showed some resilience, helping limit the downside. Broader markets, including midcap and smallcap indices, performed relatively better and managed to stay marginally positive.
Another key factor influencing market movement was the weekly expiry of futures and options contracts, which added to intraday volatility. Traders remained active, leading to sharp swings during the session.
Investors also stayed on the sidelines ahead of upcoming quarterly earnings announcements. With several major companies set to release their Q4 results, market participants are adopting a wait-and-watch approach to gauge corporate performance and future outlook.
Despite the day’s decline, analysts believe the overall market trend remains intact, with the current dip seen as a phase of consolidation rather than a reversal.
However, they caution that near-term volatility may persist due to global uncertainties, fluctuating commodity prices, and domestic economic cues.
In the coming sessions, market direction is likely to be driven by earnings reports, global market trends, and institutional investment flows.
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