Benchmark Indices Slip in Volatile Trade
Domestic stock markets closed in the red as selling pressure in IT and auto stocks weighed heavily on investor sentiment. The BSE Sensex fell 367.25 points to settle at 85,041.45, while the NSE Nifty slipped 99.80 points to end the day at 26,042.30.
IT and Auto Stocks Lead the Decline
IT and auto shares remained under pressure throughout the session. Weak global cues and profit booking in frontline stocks triggered cautious trading. As a result, the Nifty IT Index declined 1.03 percent, while the Auto Index dropped 0.52 percent. Stocks such as HCL Technologies, Bajaj Finance, Asian Paints, and Shriram Finance faced notable selling.
Investors Stay Cautious Amid Holidays
Market participants adopted a cautious approach due to shorter trading sessions this week because of holidays. In addition, the expiry of Sensex derivatives added to the uncertainty. Since there were no strong positive triggers, investors preferred to stay on the sidelines, which limited any recovery attempt.
Selective Buying in Metal Shares
Despite the broader weakness, metal stocks attracted buying interest. The Nifty Metal Index gained 0.59 percent, supported by demand in stocks like Hindalco. This selective buying helped restrict deeper losses in the market and provided some balance to the overall sentiment.
Mixed Performance Across Broader Market
The broader market also reflected weakness. The Nifty Midcap 100 Index slipped 0.23 percent, while the Smallcap 100 Index declined 0.08 percent. However, a few stocks managed to post gains. On the BSE, Titan, NTPC, and Hindustan Unilever closed higher. Similarly, on the NSE, Titan, Hindalco, and Nestle India ended in positive territory.
Outlook Remains Cautious
Going ahead, market experts believe that indices may continue to remain range-bound in the absence of fresh domestic or global cues. Investors are likely to track global market trends, sectoral movements, and upcoming economic data for further direction.
