IGI Logo

Below the Quote on Markets by Mr. Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher

Benchmarks End in the Red

Indian equity markets ended lower on Thursday, reversing Wednesday’s brief rebound as global weakness and profit booking weighed on investor sentiment. The BSE Sensex fell 643.96 points, or 0.79%, to close at 80,952.67, while the NSE Nifty 50 declined 212.20 points, or 0.86%, to 24,601.25.

Key Highlight

1- Broader Market Under Pressure

Market breadth remained negative with 1,518 stocks advancing, 1,907 declining, and 128 remaining unchanged on the BSE. Broader indices mirrored the benchmarks, indicating widespread caution across sectors.

2 - Global Markets Add to Pressure

Weakness in Asian peers further dented sentiment. South Korea’s Kospi, Japan’s Nikkei 225, and Hong Kong’s Hang Seng all traded in the red, while China’s SSE Composite managed modest gains. The pressure was compounded by investor concerns over US debt ceiling negotiations and rising Covid-19 cases in parts of Asia.

3 - Technical and Sectoral Weakness

Sectorally, IT, pharma, and metal stocks led the decline. Analysts noted that the Nifty was in overbought territory after recent highs, and technical indicators signalled the potential for short-term correction.

Bottom Line:

Despite a brief recovery midweek, domestic markets resumed their downward trajectory, pressured by global uncertainty, sector-specific weakness, and stretched valuations. Traders may remain cautious ahead of key global cues and domestic macro data.

Above views are of the author and not of the website kindly read disclaimer