The Indian stock market continued its downward trend on Thursday, with both the Sensex and Nifty extending losses for the third straight session. Several factors, including concerns over global tariffs, weak Asian market cues, and foreign fund withdrawals, contributed to the negative sentiment. The BSE Sensex dropped 203.22 points (0.27%) to close at 75,735.96, after an intraday decline of 476.17 points. Meanwhile, the NSE Nifty slipped 19.75 points (0.09%) to settle at 22,913.15. Despite the downturn, analysts believe that strong buying interest at lower levels is keeping Nifty within the 22,800-22,900 range, suggesting possible consolidation.
Market expert Jigar Patel noted that a key technical indicator (RSI) hints at a potential rebound. However, for further upside momentum, the Sensex must break above the 76,150 mark. On the other hand, analyst Om Ghawalkar highlighted that the Sensex has remained within a tight range of 75,400-75,900 this week, signaling a crucial support level. Investors are advised to closely monitor market movements for a possible turnaround.
The GIFT Nifty on NSE IX, a key indicator for the Indian stock market’s opening trend, dropped by 37.50 points (0.16%) to 22,870.50, suggesting a weak start for Dalal Street on Friday.
Stocks to Watch
- BEL secured a ₹1,034 crore defense contract.
- Goldman Sachs exited ISGEC, offloading a 1.4% stake worth ₹96 crore.
- ONGC is set to increase production by 60% at Mumbai High with BP.
- M&M Financial announced a ₹3,000 crore rights issue, while Kotak Bank implemented leadership changes.
- NTPC Green Energy partnered with Bharat Light & Power on green hydrogen initiatives.
- Vedanta raised ₹2,600 crore through NCDs and revealed a five-way business split.
- Tata Steel invested ₹2,603 crore in its Singapore operations.
- ITI Ltd received ₹100 crore funding from C-DoT.
- Bandhan Bank expanded its branch network beyond 6,300 locations.
- Ceigall India secured ₹2,498.5 crore for infrastructure projects in Uttar Pradesh.
- TCS partnered with Salesforce to develop AI solutions.
- Adani stocks witnessed a significant rally.
Global Market Update
- S&P 500 futures remained steady.
- Hang Seng futures surged by 2%.
- Japan’s Topix saw little movement.
- Australia’s S&P/ASX 200 inched up by 0.1%.
- Euro Stoxx 50 futures showed minimal change.
Forex Market Trends
- The Euro held steady at $1.0494.
- The Japanese yen declined by 0.2% to 149.88 per dollar.
- Offshore yuan weakened by 0.1% to 7.2437 per dollar.
On Thursday, Indian equities remained under pressure due to concerns over U.S. tariffs and subdued global market cues. The Sensex dipped to an intraday low of 75,463.01 before recovering slightly to close at 75,735.96. The Nifty also struggled, slipping 19.75 points to 22,913.15. Investors are now looking ahead to Friday’s session, with market watchers anticipating whether the Sensex will find support or continue its downward trend.
