Benchmark indices extended losses to close marginally lower amid volatility on Thursday.

Market opened on a weak note, tracking weak global cues. Indices, despite recovering from the day’s low, closed lower, dragged by financials, tracking losses in heavyweights such as the HDFC twins.

The BSE Sensex closed at 57,595.68, down 89.14 points or 0.15 per cent. It recorded an intraday high of 57,827.99 and a low of 57,138.51. The Nifty 50 closed at 17,222.75, down 22.90 points or 0.13 per cent. It recorded an intraday high of 17,291.75 and a low of 17,091.15.

Breadth favours decliners

The market breadth continued to remain in favour of the decliners, with 1,939 stocks declining on the BSE against 1,444 that advanced while 122 remained unchanged. Furthermore, 18 stocks hit the upper circuit as compared to the five that were locked in the lower circuit. Besides, 113 stocks touched a 52-week high and 35 touched a 52-week low.

Narendra Solanki, Head - Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers, said, “Indian markets opened mixed following mixed Asian market cues as investors took note of easing Covid measures, which could help in economic recovery, and also eye today’s NATO summit focused on Ukraine.”

“During the afternoon session markets traded in red terrain as concerns about rising inflation and slower economic growth weighed traders’ mood. The mood of the markets turned soured as concerns emerged over the country’s bilateral trade due to the ongoing Russia-Ukraine war, which could lead to some kind of disruption in trade,” said Solanki.

According to Mitul Shah, Head of Research at Reliance Securities, “Domestic equities closed lower following negative global cues. Updates on the Russia-Ukraine war, crude oil rates and rising Covid cases in China continued to be on investors’ radar.”

Dr Reddy’s, Coal India, Ultratech Cement, Hindalco and JSW Steel were the top gainers on the Nifty 50 while Kotak Bank. Titan, HDFC Bank, ICICI Bank and HDFC were the top laggards.

Financials, auto, consumer durables drag

On the sectoral front, while financials, auto and consumer durables dragged, media, pharma, IT, metals, and oil and gas gained focus.

Nifty Media closed nearly 6 per cent higher. Nifty Metal was up 1.5 per cent. Nifty Pharma, Nifty Healthcare Index, Nifty IT and Nifty Oil & Gas ach closed over 1 per cent higher. Nifty Realty was up 0.5 per cent.

Meanwhile Nifty Bank, Nifty Privte Bank and Nifty Consumer Durables each closed nearly 2 per cent lower. Nifty Finanical Services was down 1.56 per cent. Nifty PSU Bank was down 0.45 per cent while Nifty Auto was down 0.49 per cent.

Broader indices outperform

Broader indices closed in the green, outperforming the benchmarks.

Nifty Midcap 50 was up 0.75 per cent while Nifty Smallcap 50 was up 0.52 per cent. The S&P BSE Midcap was up 0.34 per cent while the S&P BSE Smallcap was up 0.16 per cent.

The volatility index softened 3.30 per cent to 23.93.

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