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Not a bullish kind of day: Markets opened weak amid negative global cues (file image) | Photo Credit: HEMANSHI KAMANI
Benchmark indices extended losses for the third consecutive session, closing lower on Thursday.
Market opened on a weak note as global markets traded lower amid fears of more-than-expected US Fed tightening measures. Indices extended losses further, witnessing selling pressure across multiple counters.
The BSE Sensex closed at 59,034.95, down 575.46 points or 0.97 per cent. It recorded an intraday high of 59,504.92 and a low of 58,977.35. The Nifty 50 closed at 17,639.55, down 168.10 points or 0.94 per cent. It recorded an intraday high of 17,787.50 and a low of 17,623.70.
Breadth favours decliners
The market breadth returned in favour of the decliners with 1,714 stocks declining on the BSE as against 1,694 that advanced while 106 remained unchanged. Furthermore, 17 stocks hit the upper circuit as compared to the three stocks that were locked in the lower circuit. Besides, 185 stocks touched a 52-week high level and 12 touched a 52-week low.
Mitul Shah, Head Of Research at Reliance Securities, said, “Domestic equities closed lower, following the negative global cues. Investors continue to focus on the Fed’s possible aggressive monetary policy stance whilst tracking the developments of the Russia-Ukraine war.”
Investors are also awaiting the outcome of the RBI policy meet.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, “Negative sentiment continued for the third straight session as the US Fed's hawkish stance has raised concerns of steeper interest rate hikes going ahead, while investors also trimmed their positions ahead of RBI policy, although most of the experts believe the MPC [monetary policy committee] may maintain status quo on policy rates. The fall was largely due to profit taking in Reliance Industries and other energy stocks amid volatility in global crude oil prices.
Axis Bank, Divi’s Lab, Hindustan Unilever, ICICI Bank and Dr Reddy’s were the top gainers on the Nifty 50 while Adani Ports, Titan, HDFC, ONGC and TCS were the top losers.
Pharma in focus
On the sectoral front, a majority of indices closed in the red. While oil & gas, metals, consumer durables and IT recorded higher losses, pharma and healthcare managed to retain gains.
Nifty Oil & Gas closed over 2 per cent lower. Nifty Consumer Durables and Nifty Metal were down nearly 2 per cent each while Nifty IT was down over 1 per cent.
Meanwhile, Nifty Pharma and Nifty Healthcare index were up 0.41 per cent and 0.60 per cent, respectively.
Broader indices
Broader market also faced pressure.
Nifty Midcap 50 was down 0.61 per cent at closing while Nifty Smallcap 50 was down 0.98 per cent. The S&P BSE Midcap was down 0.42 per cent while the S&P BSE Smallcap was down 0.75 per cent.
The volatility index softened 0.13 per cent to 19.
Published on April 7, 2022
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