The BSE Sensex shed 200.15 points, or 0.24%, to close at 82,330.59, while the NSE Nifty 50 declined 42.30 points, or 0.17%, to settle at 25,019.80.
Sector Watch
Among the 30 Sensex stocks, Bharti Airtel, HCL Technologies, Infosys, SBI, and Tech Mahindra were the top laggards, declining between 0.8% and 2.8%.
The Nifty IT index slipped 0.8%, while the Nifty Financial Services index ended flat.
The IT index had rallied nearly 7% over the past four sessions, buoyed by easing recession fears in the U.S. following a trade truce with China. Financials gained around 4% during the same period.
In contrast, broader markets outperformed. The Nifty Midcap 100 rose 0.9% and the Nifty Smallcap 100 jumped 1.9%, driven by gains in defence stocks and strong post-earnings moves in names like Crompton Greaves Consumer.Bharti Airtel dropped 2.8% after major shareholder Singapore Telecommunications offloaded a $1 billion stake.
Expert View
“Markets traded lackluster after Thursday’s surge and ended marginally lower, in the absence of any fresh triggers, said Ajit Mishra – SVP, Research at Religare Broking, adding that the tone remained subdued from the outset, with consolidation in heavyweight stocks across sectors capping the move throughout the session.
“On the sectoral front, a mixed trend kept participants engaged. Realty, energy, and auto sectors edged higher, while IT witnessed some profit-taking, declining by nearly a percent. The broader indices outperformed amid mixed cues, with themes like defense and railways continuing to attract notable buying interest.”
More than the recovery in the benchmark index, the broad-based rebound has offered greater relief to market participants with sustained FII inflows and stable global markets further contributing to the positive sentiment, said Mishra.
The Nifty remained in consolidation mode today, taking a breather after Thursday’s rally with overall sentiment continuing to stay firm, with sectoral themes playing out, said Rupak De, Senior Technical Analyst at LKP Securities.
“Indicators and overlays are consistently pointing towards further strength in the short term. Any dips are likely to be bought into, with support placed at 25,000/24,800. On the higher side, a move above 25,120 could take the index towards 25,250/25,350,” said De.
