Indian equity market extended losses at close on Thursday with both benchmark indexes declining 1.5 percent this week. The broader 50-share Nifty gave up 10,550 in trade with only 11 stocks ending in the green, while the Sensex also declined by 380 points from the day's high. The Sensex settled at 34,981, down by 219 points, or 0.62 percent, while the Nifty closed at 10,527, shedding 73 points, or 0.69 percent.
The decline in broader markets was sharper with the Nifty MidCap ending lower by nearly a percent, while the BSE MidCap declined by 0.74 percent. Only Nifty Media advanced by 1.41 percent, while 42 other sectoral indexes declined. The BSE Metal declined the most, falling by nearly 2 percent. The market breadth ended in favour of declines, with advance-decline ratio at 2:3.
Among major gainers, shares of Zee Entertainment surged more than 4.5 percent. IDFC Bank and Capital First also climbed more than 6 percent each.
Telecom stocks ended lower with Vodafone Idea declining the most. Tech Mahindra ended flat after brokerages retained ratings post analyst meet.
Market update at close) Market turns negative, Nifty gives up 10,600; Zee Entertainment shares gain 4%
Indian shares turned negative in mid-afternoon on Thursday dragged by metal, bank, pharma, auto and consumer stocks. Major losses were offset as support came from media, IT, capital goods and industrials. The Sensex was down by 120 points, or 0.34 percent, to trade at 35,079 at 2.38 pm, while the Nifty slipped below the 10,600 mark, trading at 10,562, declining by 38 points, or 0.36 percent.
Broader markets also fell with the Nifty MidCap lower by 0.57 percent. The BSE MidCap also slipped by 0.39 percent. Among index gainers, Zee Entertainment shares rallied by 4 percent. Other gainers were Adani Ports, Indiabulls Housing Finance, ONGC, Hero MotoCorp, HDFC, Maruti Suzuki, L&T. The laggards included M&M, UltraTech Cement, Hindalco, Wipro, IOC, Tata Steel, Axis Bank and Power Grid Corp, falling by up to 3 percent.
Market update as of 2.40 pm) Sensex, Nifty trade positive; TCS, HDFC, Reliance, ITC support indexes
The Indian equity market traded positive on Thursday despite the broader indexes' lackluster performance. The Sensex traded at 35,298, higher by 99 points at 11.45 am, while the Nifty was trading at 10,623, higher by 23 points.
The market was aided by IT shares and select heavyweight stocks such as Reliance Industries and HDFC twins.
Broader markets underperformed with the Nifty MidCap mildly higher by 0.09 percent. The BSE MidCap was trading higher by 0.15 percent.
Among sectoral indexes, only 17 sectors advanced against 26 declining with Nifty IT leading the pack of gainers with more than a percent. BSE Metal dipped nearly a percent, leading among lagging sectors.
Among top index gainers were Zee Entertainment, Indiabulls Housing Finance, Tata Consultancy Services, Adani Ports, Tech Mahindra, ONGC, Bharti Airtel and Yes Bank, trading higher by up to 2.6 percent.
Among the laggards were oil marketing companies, with HPCL, BPCL and IOC shares dipping by up to 2 percent. UltraTech Cement, Tata Steel, Coal India, Power Grid Corp., M&M and Axis Bank were other major losers, falling by up to 1.65 percent.
The rupee traded nearly flat at 71.16 against the US dollar, after opening at 71.14. The home currency had closed at 71.45 against the greenback on Tuesday.
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