India's stock benchmarks Nifty and Sensex snapped a six-day winning streak to close lower on Thursday, dragged by banking and telecom stocks amid a slew of weak earnings. The decline comes a day ahead of a rate decision by the Monetary Policy Committee of the Reserve Bank of India.
Sensex closed 50 points lower at 58,298.80 after rising above 58,712.66 during early hours. The Nifty 50 also closed marginally lower at 17,382. Among the Nifty 50 constituents, 28 stocks rose while 22 fell. NTPC Ltd., Tata Consumer Products Ltd., Coal India Ltd. were among the top laggards.
The broader indices outperformed their larger peers, with both mid- and small-cap gauges jumping over 0.25%. Eleven of the 19 sectoral indices compiled by BSE Ltd. rose, while telecom, banking, and realty gauges declined the most.
The market breadth was skewed in the favour of bears as 1,552 stocks gained, 1,794 fell and 131 remained unchanged.
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