Indian Benchmark Indices Close Thursday Nearly Flat, but in the Red

The Indian benchmark indices S&P BSE Sensex and NSE Nifty 50 have ended Thursday nearly flat but with a bias towards the red. The intense selling trend witnessed in the pharma and financial sectors dragged down the indices and resulted in them closing the day slightly lower. 

The S&P BSE Sensex closed the day 0.15% lower. It wrapped up the day at 38,310.49 points, losing 59.14 points. Among the thirty stocks that form the Sensex index, only thirteen managed to end the day in the positive territory, while the remaining seventeen of them ended in the negative terrain.  

Larsen & Toubro and Titan Company put up a stellar show to support the index to an extent. They gained 4.31% and 3.73% respectively over the day. Bharti Airtel and Sun Pharma emerged as the top losers in the index as their share prices dropped 2.35% and 2.11% respectively. 

Also Read: Indian Benchmark Indices Close the Day on a Flat Note

The banking stocks of SBI, Axis Bank, the HDFC duo, and IndusInd Bank closed Thursday on a losing note. Kotak Bank and ICICI Bank are the only banking stocks in the Sensex index to close higher on Thursday. Technology giants Infosys and TCS tanked by 0.43% and 0.05% respectively. 

The NSE Nifty 50 closed the day at 11,300.45 points. It dropped 7.95 points or 0.070% over the day. Twenty-three of the fifty stocks that constitute the Nifty index closed in the unfavourable terrain, while the reaming twenty-seven advanced. Sun Pharma dropped the most among the Nifty stocks as it shed 2.10%. 

The Nifty index received much-needed support from Tata Motors. It’s share price zoomed 4.59%. LT and Hindalco followed it by gaining 4.39% and 4.21% respectively. India VIX, the volatility gauge, fell by 1.33% or 0.28 points to wrap up Thursday at 20.57 levels. 

For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in