Sensex and Nifty End Slightly Lower Amid Mixed Signals and Profit Booking
Sensex, Nifty close muted as IT, FMCG stocks drag; broader market shines
Business Standard
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On Thursday, key equity benchmarks in India closed marginally lower due to profit booking and weakness in IT and FMCG stocks. The S&P BSE Sensex fell 114 points (0.15%) to 77,844.52, while the Nifty 50 dropped 4.30 points (0.02%) to 24,326.65. Broader market indices, however, showed resilience with mid and small-cap stocks outperforming.
- 01The S&P BSE Sensex declined 114 points to 77,844.52.
- 02Nifty 50 index fell 4.30 points to 24,326.65.
- 03IT, FMCG, and consumer durables stocks were major drags on the market.
- 04Broader indices like BSE MidCap and SmallCap outperformed, rising 0.99% and 1.07%, respectively.
- 05Brent crude prices fell below $100 per barrel, contributing to overall market sentiment.
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On Thursday, the Indian equity markets experienced a muted close with the S&P BSE Sensex dropping 114 points or 0.15% to finish at 77,844.52 and the Nifty 50 index slipping 4.30 points or 0.02% to 24,326.65. The decline was primarily attributed to profit booking in the IT and FMCG sectors, with Hindustan Unilever, TCS, and ITC among the major laggards. Despite this, broader market indices performed well, with the BSE MidCap Index rising 0.99% and the BSE SmallCap Index surging 1.07%, reflecting a strong market breadth where 2,735 shares advanced compared to 1,521 that declined. The easing of crude oil prices, which fell below $100 per barrel, and a firmer Indian rupee against the dollar bolstered investor sentiment. Additionally, optimism surrounding potential peace negotiations between the U.S. and Iran contributed to a positive outlook in the broader market. As investors await further Q4 earnings announcements for directional cues, the market remains cautious yet hopeful for recovery.
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The decline in major indices may affect investor confidence and lead to cautious trading in the short term. However, the performance of mid and small-cap stocks indicates potential opportunities for investors.
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