Stock Market Highlights: Nifty, Sensex Snaps Seven-Day Winning Streak As ICICI Bank, Airtel Weigh

The NSE Nifty 50 and BSE Sensex snapped a seven-day winning streak on Thursday, ahead of the earnings announcement from Axis Bank Ltd., and L&T Technology Service Ltd. ICICI Bank Ltd. and Bharti Airtel Ltd. share prices dragged the benchmark the most.

The Nifty 50 ended 82.25 points, or 0.34% down at 24,246.70, and the Sensex ended 315.06 points, or 0.39% lower at 79,801.43.

During the session, Nifty 50 declined as much as 0.40% to the day's low of 24,232.3, and the Sensex fell 0.41% to the day's low of 79,785.56.

In the second half, the Nifty IT reversed its gains from Wednesday's session, and declined 0.61% to the day's low of 35,197.3.

The NSE Nifty Bank struggled to recover losses from Wednesday when the index snapped a three-day record rally.

"Going forward, market direction will depend on global cues, quarterly earnings, and institutional flows. With most sectors participating in the rally and Bank Nifty trading at record highs, the market breadth remains supportive, but profit-booking and range-bound movement may dominate in the near term before the next leg higher," said Mandar Bhojane, research analyst, Choice Broking.

Track live updates on Q4 earnings here.

Shares of Reliance Industries Ltd., UltraTech Cement Ltd., Tata Motors Ltd., and Sun Pharmaceutical Industries Ltd. cushioned the fall in the Nifty 50.

While those of ICICI Bank Ltd., Bharti Airtel Ltd., Hindustan Unilever Ltd., HDFC Bank Ltd., and Eternal Ltd. weighed on the index.

On NSE, 10 sectoral indices ended lower, two advanced, and two remained largely flat. The NSE Nifty Pharma rose the most, and the NSE Nifty Realty declined the most.

The BSE Midcap and Smallcap ended 0.16% and 0.01% down, respectively.

On BSE, 17 out of 21 sectoral indices ended lower, and three advanced. The BSE Realty declined the most, while the BSE Commodities rose the most.

On NSE, market breadth was skewed in the favour of sellers. Around 1,143 stocks declined, 953 stocks advanced, and 90 stocks remained unchanged.