Indian market erased opening gains to close in the red, with Midcaps continuing their underperformance.
The Nifty Midcap Index slipped 310 points to 19,424. The Sensex closed with a fall of 73 points to 35,246 and the Nifty slipped 25 points to 10,717.
The Nifty Bank also closed down 23 points in the red, as Federal Bank weighed down the index.
Amongst large caps, IT stocks felt pressure as rupee saw an intra-day recovery. TCS fell 1%, while Infosys erased the first half gains to close in the red.
Other major index losers were ITC, L&T and Tata Motors. Pharma stocks also were under pressure on Thursday's trade ahead of US President Donald Trump’s Friday speech.
On the earnings front, Indian Bank reported slippages of Rs 2,098 crore in Q4 against Rs 955 crore in Q3. Profit also came in 59% lower.
Welspun Enterprises' profit jumped four times, while the margin rose about 1,000 basis points.
Adani Transmission also saw a 58% jump in profit, supported by other income.
In the derivatives, the Nifty 11,000 call & 10,700 Put were the most active options. Nifty 11,000 call added 5 lakh shares & 10,700 Put added 4 lakh shares in the open interest. The Nifty May futures premium narrowed to 8 points from Wednesday’s level of 22 points. Stocks that were active in Futures were, Indian Bank, Ambuja Cements and Arvind.
On the global front, Asian markets closed with moderate gains on Thursday as oil prices traded higher after touching fresh multi-year highs. The Nikkei 225 edged higher by 88 points to close at 22,497. Moderate gains were similarly seen in South Korea as the benchmark Kospi rose 0.83% to 2,464.16. On the mainland, the Shanghai Composite edged up 0.51% to end at 3,175.