Final Trade: Sensex sheds 467 points, Nifty closes below 23,600 amid weak sentiment

Indian equity markets ended Thursday’s session on a weak note, dragged down by cautious sentiment ahead of the December-quarter earnings season and tempered expectations of U.S. rate cuts. The BSE Sensex slipped 467.22 points or 0.6 per cent to settle at 77,681.27, while the NSE Nifty50 declined 133.25 points or 0.56 per cent to close at 23,555.70.

Sectoral trends and top movers
Selling pressure was evident across most sectors, with all major indices ending in the red except FMCG, IT, and media. The realty, banking, and energy sectors witnessed notable declines. NTPC, TCS, Adani Ports, HDFC Bank, Tata Steel, and Tata Motors were among the biggest laggards on the Sensex, losing up to 1.5 per cent.

Conversely, M&M, Asian Paints, Kotak Mahindra Bank, and Bharti Airtel bucked the trend, posting gains in an otherwise lacklustre session.

Stock-specific action
Manappuram Finance gained traction after the RBI lifted restrictions on its subsidiary, Asirvad Micro Finance, fueling optimism around its business recovery.

Advait Energy Transitions also remained in focus, surging on news of a Letter of Intent for a 50 MW battery energy storage project in Gujarat, reflecting growth in renewable energy investments.

Reliance Industries shares traded steady as Morgan Stanley reiterated its “Overweight” rating with a target price of Rs 1,662, signalling strong growth prospects.

Prataap Snacks saw activity after Mahi Madhusudan Kela and Authum Investment offered to acquire a 26 per cent stake at Rs 865.66 per share, sparking investor interest.

Earnings season to drive market sentiment
Tata Consultancy Services (TCS) garnered attention ahead of its Q3 earnings announcement. Analysts expect moderate revenue growth amid global demand challenges but are optimistic about robust order inflows, which could shape market sentiment in the near term.

Market outlook
Analysts recommend caution as the earnings season unfolds. The Nifty faces immediate support at 23,500, with resistance at 23,700. Sector-specific opportunities in IT and renewables could provide trading opportunities amid global and domestic uncertainties.