Stock market extends losses into 4th day
Equity benchmark indices Sensex and Nifty buckled under fag-end selling pressure for the fourth straight session on Thursday as rising crude oil prices and losses in IT stocks weighed on investor sentiment.
The 30-share BSE Sensex dropped 417.49 points, or 0.55 per cent, to close at 76,152.86. The index opened higher and rose 354.13 points, or 0.46 per cent, to hit an intraday high of 76,924.48 before paring gains during the closing session. A total of 2,545 stocks advanced, while 1,778 declined and 223 remained unchanged on the BSE.
The 50-share NSE Nifty slipped 41 points, or 0.17 per cent, to settle at 23,873.45.
The early market rebound, supported by a recovery in global equities and recent foreign capital inflows, lost steam in the final hour of trade as investors turned cautious amid geopolitical uncertainties. Among the 30 Sensex firms, Titan, Trent, ITC, Mahindra & Mahindra, Bajaj Finserv, HCL Technologies, Tech Mahindra, Sun Pharmaceuticals, Tata Consultancy Services, UltraTech Cement and Bajaj Finance were the major
laggards. In contrast, Axis Bank, Adani Ports, Asian Paints, HDFC Bank, Bharti Airtel, Bharat Electronics Ltd and Tata Steel were among the gainers. Shares of PC Jewellers closed 3.54 per cent higher after the company said it has cleared its outstanding debt to one more bank under a settlement agreement dated September 30, 2024.
Brent crude, the global oil benchmark, rose 1.57 per cent to $97.13 per barrel.
“Stubbornly high crude oil prices continue to act as key overhangs for the domestic market,” said Vinod Nair, Head of Research, Geojit Investments Ltd.
He said that the market’s recovery attempt lost steam as supportive global cues and renewed FII inflows collided with lingering geopolitical tensions and elevated global yields.
