The Indian benchmark equity indices, Sensex and Nifty snapped a seven-day gaining streak to end lower Thursday dragged by selling in banking and auto stocks amid negative global cues. The Sensex ended 143.62 points or 0.31 percent lower at 45,959.88 while the Nifty lost 50.80 points or 0.38 percent to close at 13,478.30.
The Indian benchmark equity indices, Sensex and Nifty snapped a seven-day gaining streak to end lower Thursday dragged by selling in banking and auto stocks amid negative global cues.
The Sensex ended 143.62 points or 0.31 percent lower at 45,959.88 while the Nifty lost 50.80 points or 0.38 percent to close at 13,478.30. Nifty Bank sipped 199 points to 30,510.
Broader indices underperformed the benchmarks with Nifty Smallcap100 and Nifty Midcap100 indices falling 0.53 and 0.83 percent, respectively.
Among sectors, Nifty PSU Bank, Nifty Auto, Nifty Financial Services and Nifty Media fell the most while Nifty FMCG, Nifty Realty and Nifty Metal ended in the green.
"After resisting at higher levels, the Nifty took a breather and came down to the lower end of the range which is 13,400 but was quick to recover and close above the 13,450 levels. This rangebound movement between 13,400-13,700 may continue for a couple of sessions before the market decides on its new course of action and the direction it wishes to pursue. Traders are advised caution; we need to approach this resistance zone meticulously," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
UPL, UltraTech Cement, Shree Cements, Tata Motors and M&M led the losses among Nifty50 constituents while Nestle India, ITC, Britannia Industries, Hindustan Unilever and Adani Ports & SEZ were the top index gainers.
UPL shares plunged over 11 percent after reports surfaced that a whistleblower has accused the company's promoters of siphoning funds.
The share price of Indian Railway Catering & Tourism Corporation (IRCTC) slipped over 10 percent after the OFS opened today. The government is selling up to 20 percent equity in IRCTC via OFS (15% base size+ 5% greenshoe) at a floor price of Rs 1,367 per share.
On the global front, Asian equities eased from record highs on Thursday as stalled US stimulus talks and a sell-off in tech stocks weighed, while sterling traders sat on a knife's edge as last-ditch Brexit negotiations yielded only an agreement to keep talking, a Reuters report said.
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.34 percent. Japan's Nikkei erased early losses to trade 0.1 percent lower. S&P 500 futures meanwhile pared early gains and steadied in Asian afternoon trade.