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What is the story about?
Indian equity markets ended largely in the red on Thursday, snapping a five-day gaining streak as profit booking in financial heavyweights weighed on benchmark indices. The Sensex declined 931 points to close at 76,632, while the Nifty fell 222 points to settle at 23,775, slipping below the 23,800 mark.
Banking stocks led the decline, with the Nifty Bank index falling over 1.5%, as all its constituents ended in negative territory. Heavyweights such as HDFC Bank and ICICI Bank were among the key drags on the benchmarks. Market breadth also remained weak, with the advance-decline ratio on the NSE tilted at 2:3 in favour of declines.
Despite the broader weakness, midcaps showed resilience, with the midcap index gaining 179 points. Stocks such as Meesho, FACT and BHEL were among the top gainers in the segment, indicating selective buying interest.
Sectorally, upstream oil companies advanced as Brent crude prices edged closer to $98 per barrel, while downstream oil firms came under pressure. Among stock-specific moves, Honasa Consumer rose nearly 5% on a strong quarterly update, while Anand Rathi Wealth gained 4% post results. Escorts Kubota also advanced after a brokerage upgrade.
On the downside, Info Edge declined following its quarterly update, while InterGlobe Aviation, Larsen & Toubro and Shriram Finance were among the top Nifty losers.
Meanwhile, the rupee weakened slightly to close at 92.66 against the US dollar.
Banking stocks led the decline, with the Nifty Bank index falling over 1.5%, as all its constituents ended in negative territory. Heavyweights such as HDFC Bank and ICICI Bank were among the key drags on the benchmarks. Market breadth also remained weak, with the advance-decline ratio on the NSE tilted at 2:3 in favour of declines.
Despite the broader weakness, midcaps showed resilience, with the midcap index gaining 179 points. Stocks such as Meesho, FACT and BHEL were among the top gainers in the segment, indicating selective buying interest.
Sectorally, upstream oil companies advanced as Brent crude prices edged closer to $98 per barrel, while downstream oil firms came under pressure. Among stock-specific moves, Honasa Consumer rose nearly 5% on a strong quarterly update, while Anand Rathi Wealth gained 4% post results. Escorts Kubota also advanced after a brokerage upgrade.
On the downside, Info Edge declined following its quarterly update, while InterGlobe Aviation, Larsen & Toubro and Shriram Finance were among the top Nifty losers.
Meanwhile, the rupee weakened slightly to close at 92.66 against the US dollar.
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