Indian Stock Market Recap: Nifty and Sensex Fall as Selling Pressure Continues
The Indian stock market remained under pressure on Thursday, with the benchmark Sensex falling more than 800 points and the NSE’s Nifty 50 slipping below 23,650 as the recent selloff extended into a fourth session.
The 30-share Sensex closed 829 points, or 1.08%, lower at 76,034.42, while the Nifty 50 ended at 23,639, down 228 points, or 0.95%.
Broader Markets Decline
Broader markets also declined, though losses were relatively contained. The BSE 150 Midcap index slipped 0.24%, while the BSE 250 Smallcap index fell 0.32%.
The Sensex has now dropped 2,884 points, or 3.65%, over the past four sessions, while the Nifty 50 has lost 811 points, or 3.3%, during the same period, despite a brief 1% rebound on Tuesday.
Top Stock Recommendations
MarketSmith India reveals its top stock recommendations for today, including Aurobindo Pharma Ltd and NTPC Ltd.
Buy: Aurobindo Pharma Ltd (current price: ₹1,310)
Buy: NTPC Ltd (current price: ₹390.90)
Nifty 50 Technical Analysis
Nifty 50 closed at 23,639.15, down 227.7 points or 0.95%, after trading in a range of 23,556–23,833, while Sensex also finished in the red, reflecting weak investor sentiment through the session.
Market breadth remained firmly negative, 1,966 stocks declining compared to 1,238 stocks advancing, while 98 remained unchanged. This indicates that selling pressure was widespread and not limited to benchmark heavyweights.
Sector-Wise Performance
Sector-wise, Auto and FMCG led the losses, falling 3.2% and 1.8%, respectively, while Private Banks and Realty also saw notable profit booking. Financial Services remained under pressure, highlighting caution in rate-sensitive segments.
On the other hand, Oil & Gas and Metals managed modest gains, providing limited support to the broader market. Nifty IT was relatively resilient with marginal losses.
Nifty Bank Technical Analysis
Nifty Bank saw sharp selling pressure and ended the session on a negative note, reflecting continued weakness in the banking space.
The index opened at 55,008.20 and initially attempted to stabilise, but selling pressure intensified after the index touched an intraday high of 55,636.95.
Profit booking at higher levels dragged the index sharply lower, pushing it to an intraday low of 54,760.55 before it finally closed at 55,100.95, down 634.80 points (-1.14%) for the session.
Conclusion
The Indian stock market is expected to remain volatile in the near term, driven by global factors such as elevated crude oil prices and ongoing geopolitical tensions.
Investors are advised to stay cautious and keep a close eye on market developments, using tools and resources such as MarketSmith India to make informed investment decisions.