Closing Bell: Markets snap six-day gaining streak; Sensex falls marginally, Nifty ends below 17,400 ahead of RBI MPC decision
At the market close, the BSE Sensex declined marginally by 118.15 points or 0.20 per cent to 59,232, while Nifty50 dipped by 24 points or 0.14 per cent to 17364.5.
The domestic markets snapped a six-day winning streak on Thursday to close marginally negative, ahead of the Reserve Bank of India’s monetary policy tomorrow. The BSE Sensex dipped by over 118 points, while Nifty50 settled below the 17400 level, mainly dragged by banking and financial services.
At the market close, the BSE Sensex declined marginally by 118.15 points or 0.20 per cent to 59,232, while Nifty50 dipped by 24 points or 0.14 per cent to 17364.5. The broader markets closed mixed on Thursday as Nifty Midcap jumped almost 0.6 per cent, while the Nifty smallcap was down 0.36 per cent.
As many as 23 stocks advanced, and 27 declined on the Nifty50 index at the close. Pharma and healthcare stocks such as Cipla, Sun Pharma and Apollo Hospital were among the top gainers up around 3.5, 2.5 and 2 per cent respectively on the NSE at the market close.
While Nestle India, Infosys each surged over 2.5 and 2 per cent along with metal stocks like JSW Steel and Hindalco closed almost 2 per cent higher at the close.
On the other hand, NTPC and Tata Consumer tumbled most by over 3 per cent each, followed by Coal India down over 2 per cent. Other heavyweights such as SBI, Reliance Industries, Axis Bank, Power Grid and Kotak Bank each fell between 1-2 per cent at the market close.
Sectorally, Nifty Bank and Financial Service dragged the markets most as each fell by over 0.6 and 0.4 per cent. Conversely, Nifty Pharma, IT and Metal supported the market from further fall, as each of these indices gained by between 1-2.5 per cent at the close.
Markets will be closely eyeing the outcome of MPC’s monetary policy meet on Friday. Before that, the performance of the global indices amid the fresh developments on China-Taiwan tension would dictate the trend in early trades, Ajit Mishra, VP - Research, Religare Broking Ltd said in his note.
On the index front, the Nifty has been seeing consolidation on the expected lines however rise in the volatility is making life tough for the traders Mishra said, recommending to prefer hedged positions and focusing on the defensive pack as well.
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