Sensex, Nifty end lower weighed down by metal, IT stocks

Indian equity markets closed in negative territory on Thursday, halting a three-session rally as investors adopted a cautious stance amid uncertainty over global macroeconomic trends and foreign institutional investment flows.

At market close, the Sensex dropped 503 points (0.60%) to 83,313, while the Nifty fell 113 points (0.52%) to 25,642.

Broader markets also faced pressure, with the Nifty Midcap 100 declining 0.28% and the Nifty Smallcap 100 shedding 1.29%.

Sectoral performance remained largely negative, except for Nifty PSU Bank (up 0.38%). The metals sector led losses (-1.02%), followed by IT and auto indices, both down over 0.50%.

Trading activity remained focused on specific stocks, with modest interest in export-oriented and cyclical counters counterbalanced by profit-booking in recent outperformers, contributing to the subdued market performance.

Analysts noted Bank Nifty continued trading below critical technical levels near 60,150-60,180, reflecting short-term weakness and absence of bullish momentum.

The Indian rupee traded range-bound against the US dollar at 90.32 amid balanced currency flows and stable global cues. Market participants are monitoring developments in US-Iran negotiations for directional cues.

The Nifty 50 exhibited tight consolidation, repeatedly finding support near 25,580-25,600 after early declines. Technical analysts suggest the near-term outlook remains sideways-to-negative, with movement likely constrained between 25,580 and 25,750 pending a decisive breakout with volume support.

This report includes market data provided by IANS.