Indian benchmark indices Sensex and Nifty ended lower on Thursday, dragged down by losses in monetary and IT stocks, as financier sentiment turned careful amid lingering uncertainty over Federal Reserve Chair Jerome Powells tenure and hopes pinned on a beneficial result from the ongoing US-India trade talks.The Sensex shed 375.24 points, or 45%, to close at 82,259.24, while the Nifty 50 fell 100.60 points, or 0.40%, to settle at 25,111.45.
The marketplace capitalization of all listed companies on the BSE diminished by Rs 1.53 lakh crore to Rs 460.77 lakh croreAmong the 30-share Sensex pack, Tech Mahindra, Infosys, HCL Technologies, TCS, L&T, and Eternal were among the leading drags, falling between 0.7% and 2.8%.
On a sectoral basis, heavyweight financials and banks declined 0.4% and 0.6%, respectively, with Axis Bank slipping 0.6% ahead of its revenues.
Live EventsIT stocks were the worst performers of the day, dropping 1.4%, led by a 2.8% fall in Tech Mahindra after it reported somewhat lower-than-expected earnings in its newest results.In individual movers, HDFC Asset Management increased 2.9% after publishing a 24% year-on-year rise in quarterly revenue, while car component maker Sona BLW Precision Forgings surged 6.8% following a CNBC-TV18 report that it is in advanced talks with Chinas BYD to provide EV components.Expert ViewsIndian equity criteria ended marginally lower as financiers exercised care amid suppressed Q1 profits announcements, particularly in the innovation and banking sectors, stated Vinod Nair, Head of Research, Geojit Investments, adding that market individuals remained sidelined due to elevated valuations of large-cap stocks and FII outflows owing to the uncertainty concerning US-India trade offer; nevertheless, any positive developments might magnify market belief.
Despite the muted trend, strong domestic liquidity and selective purchasing in realty and consumption style stocks helped to limit the drawback, keeping the wider market in a range-bound phase.
The domestic macro fundamentals, like GDP growth and the steady inflationary pattern, remain helpful in the medium to long-term, stated Nair.On a technical basis, the Nifty remained mostly under selling pressure throughout the day as the index failed to move beyond the important resistance level of 25,260, leading to long unwinding, said Rupak De, Senior Technical Analyst at LKP Securities, including that on the per hour chart, a debt consolidation breakout shows up, indicating weakening bullish momentum.
The present sentiment appears bearish and might drag Nifty towards the 24,92024,900 zone in the short-term.
On the higher side, 25,260 is likely to stay a strong resistance, stated De.Global MarketsGlobal equities were mostly higher on Thursday, even as U.S.
futures traded blended after former President Donald Trump unsettled Wall Street by revealing he had discussed the concept of firing the Federal Reserve Chair, though he added it was unlikely to happen.In Europe, early trade saw Germanys DAX and Frances CAC 40 each rise 0.8%, while the UKs FTSE 100 advanced 0.4%.
U.S.
futures showed a mindful tone, with S&P 500 futures inching up 0.1% and Dow Jones futures slipping 0.1%.
Asian markets also posted modest gains.
Japans Nikkei 225 rose 0.6% in spite of the country taping a trade deficit in the first half of the year, as exports to the U.S.
were dented by Trump-era tariffs.
South Koreas Kospi included 0.2%, while Chinas Shanghai Composite acquired 0.4%.
Hong Kongs Hang Seng reversed early gains to close 0.1% lower.In commodities, gold, viewed as a safe haven, dipped 0.5% to $3,331 an ounce.Crude ImpactOil rates inched higher on Thursday, supported by easing trade tensions, robust financial information from significant oil-consuming nations, and intensifying geopolitical threats in the Middle East.Brent crude rose 17 cents, or 0.3%, to $68.67 a barrel, while U.S.
West Texas Intermediate (WTI) crude gained 31 cents, or 0.5%, to trade at $66.69, since 0856 GMT.Rupee vs DollarThe Indian rupee slipped to a three-week low on Thursday, breaching an essential assistance level to settle at 86.0750 versus the U.S.
dollar, weighed down by broad dollar strength.
However, dollar sales by exporters and continued portfolio inflows assisted top the rupees decline.The U.S.
dollar index, which determines the greenback against a basket of 6 major currencies, rose 0.25% to 98.63.