Noida, June 4 (APAC Media): Indian equity benchmarks declined on Thursday after a brief pause in the previous session, with selling pressure in heavyweight IT stocks offsetting support from select banking names.
The NSE Nifty 50 slipped 77.95 points, or 0.33%, to close at 23,405.60, while the BSE Sensex fell 303.67 points, or 0.41%, to settle at 74,346.17.
Among index heavyweights, TCS emerged as the biggest drag on the Nifty 50, shaving off 46.23 points, followed by Infosys, which reduced the index by 39.03 points.
In contrast, banking majors provided a partial cushion to the benchmarks, with ICICI Bank contributing 28.97 points, while HDFC Bank and State Bank of India added 18.79 points and 14.78 points, respectively, helping limit the overall decline.
Asian markets also traded in the red for most of the day, weighing on early sentiment in domestic equities.
However, benchmarks recovered from intraday lows in late trade, supported by gains in banking, FMCG and infrastructure counters.
Market participants said bargain hunting at lower levels helped stabilise indices after initial selling pressure.
Broader markets outperformed the frontline indices, with mid-cap and small-cap stocks attracting steady retail interest.
- Nifty and Sensex Slip; IT Pressure vs Banking Support: The NSE Nifty 50 fell 77.95 points to 23,405.60, while the BSE Sensex dropped 303.67 points to 74,346.17, as IT stocks weighed on the indices despite pressure relief from select banking names.
Market breadth remained slightly positive by the close, indicating selective accumulation across sectors despite overall caution.
Sectorally, financial services led gains, followed by consumer goods and select industrial stocks. Information technology stocks remained under pressure, tracking weak global tech demand and cautious commentary from overseas markets.
Among individual stocks, Rajesh Exports saw sharp selling pressure following regulatory-related developments, while renewable energy-linked stocks such as Suzlon Energy witnessed volatile trade with intermittent buying interest.
Traders said persistent foreign portfolio investor (FPI) outflows continued to weigh on sentiment, although expectations around upcoming domestic policy decisions provided some support to the market undertone.
Analysts noted that markets are likely to remain range-bound in the near term, with volatility driven by global geopolitical developments, crude oil movements, and macroeconomic data releases.
They added that domestic liquidity and retail participation continue to provide resilience at lower levels.
At the close, the Sensex and Nifty ended with marginal changes, reflecting a tug-of-war between global uncertainty and domestic stability, while investors remained focused on upcoming central bank signals and global risk trends.
–ENDS–
Disclaimer:Â Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
Also Read:
NALCO, Indian Overseas Bank Sign MoU for Salary Package with ₹1 Crore Insurance Cover
