Sensex and Nifty End Lower
The Indian stock market witnessed a sharp decline on Thursday, with the Bombay Stock Exchange Sensex falling 852 points to close at 77,664. The National Stock Exchange Nifty also dropped 205 points, ending the day at 24,173.
Heavy Selling Throughout the Day
The market remained under strong selling pressure during the entire trading session. Investors engaged in profit booking, particularly in banking and information technology stocks, leading to the overall decline.
Major Stocks سجل Losses
Several key stocks saw notable declines. HDFC Bank shares fell by 2 percent, ICICI Bank dropped 1.51 percent, Infosys declined 2.9 percent, and Tech Mahindra slipped 3.12 percent. Other losers included Trent, which fell 4.3 percent, Bajaj Finserv down 3.07 percent, and Shriram Finance declining 3.31 percent.
Pharma Stocks Show Strength
In contrast to the broader market trend, pharmaceutical stocks performed well. Dr. Reddy’s Laboratories gained 8.87 percent, while Sun Pharma rose by 0.49 percent, supported by increased investor buying.
Select Stocks Post Gains
Some stocks managed to stay in the green despite market pressure. Jio Financial Services rose 4.19 percent, Adani Enterprises gained 1.78 percent, and Apollo Hospitals increased by 1.45 percent.
Global Factors Weigh on Market
Market experts believe that rising crude oil prices in the international market, nearing 100 dollars per barrel, and ongoing geopolitical tensions involving Iran have created uncertainty, impacting investor sentiment.
Foreign Investors Add Pressure
Continued withdrawal of funds by foreign investors has further added pressure on the market. Additionally, recent market gains prompted some investors to book profits, leading to increased selling activity.
Sectoral Shift in Investor Sentiment
While investors are showing confidence in pharmaceutical stocks, there is visible selling in financial services and IT sectors, indicating a shift in market preference amid current global and economic uncertainties.