India's equity markets closed lower on Thursday, with the Nifty 50 and BSE Sensex both ending the session in negative territory as weakness in information technology, capital goods and power stocks outweighed gains elsewhere.
At the NSE close, the Nifty 50 was down 0.23%. On the Bombay Stock Exchange, the Sensex 30 slipped 0.20% at the close of trading.
Winners and losers
Among Nifty constituents, Mahindra & Mahindra Ltd. (NSE:MAHM) was the session's top gainer, rising 1.84% - a gain of 54.20 points - to finish at 3,006.70. Private-sector lenders also outperformed: ICICI Bank Ltd (NSE:ICBK) added 1.69%, or 21.80 points, to close at 1,315.10, while Kotak Mahindra Bank Ltd. (NSE:KTKM) rose 1.39%, or 5.40 points, finishing at 393.50.
On the downside, Infosys Ltd (NSE:INFY) was the largest decliner on the Nifty, falling 2.25% - down 25.80 points - to 1,119.50 at the close. HCL Technologies Ltd (NSE:HCLT) retreated 1.61% - a drop of 18.20 points - to end at 1,113.90. Adani Ports and Special Economic Zone Ltd (NSE:APSE) fell 1.60%, losing 29.10 points to finish at 1,792.10.
The BSE listings reflected a similar pattern. Mahindra & Mahindra Ltd. (BO:MAHM) rose 1.85% to 3,006.40, ICICI Bank Ltd (BO:ICBK) gained 1.64% to settle at 1,314.50 and Kotak Mahindra Bank Ltd. (BO:KTKM) increased 1.11% to close at 392.30. Conversely, Infosys Ltd (BO:INFY) declined 2.28% to 1,119.00, Adani Ports and Special Economic Zone Ltd (BO:APSE) lost 1.83% to settle at 1,788.75 and HCL Technologies Ltd (BO:HCLT) was down 1.61% to 1,113.85 at the close.
Market breadth and notable moves
Decliners outnumbered advancers on the National Stock Exchange by a wide margin: 1,771 stocks fell while 747 advanced and 42 were unchanged. On the Bombay Stock Exchange, 2,614 shares fell, 1,306 advanced and 189 closed unchanged.
HCL Technologies registered fresh 52-week lows during the session. On the NSE, HCLT slid to 1,113.90, down 1.61% or 18.20 points; on the BSE the stock closed at 1,113.85, a similar decline.
Volatility, commodities and currency
The India VIX, which tracks implied volatility in Nifty 50 options, eased 0.24% to 15.60.
Precious metals and energy futures were also lower. Gold futures for August delivery fell 0.59%, a decline of 24.29 points, to $4,109.01 a troy ounce. In energy markets, crude oil for July delivery dropped 0.87% or $0.78 to $89.25 a barrel, while the August Brent contract slid 1.11%, down $1.03, to trade at $92.07 a barrel.
Currency moves included a firmer dollar against the rupee: USD/INR rose 0.38% to 95.63. The euro strengthened versus the rupee as well, with EUR/INR up 0.44% to 110.39. The US Dollar Index Futures was higher by 0.21% at 100.15.
Summary
Indian markets closed lower on Thursday with the Nifty 50 down 0.23% and the Sensex down 0.20%. Losses in IT, capital goods and power stocks were the primary drivers of the market weakness, while select industrial names and private banks outperformed. HCL Technologies reached 52-week lows and broader market breadth favored decliners by a substantial margin. Commodity and currency markets moved in tandem, with gold and crude futures falling and the rupee weakening against the dollar and the euro.