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Stock Market Highlights: Nifty, Sensex Slip 0.7%; Nifty IT Drops Before TCS Results

On the NSE, 11 out of the 12 sectors declined, with the Nifty Realty, Energy and Oil & Gas dragging the most.

<div class="paragraphs"><p>  The NSE Nifty 50 ended 162.45 points or 0.69% lower at 23,526.5, while BSE Sensex lost 528.28 points or 0.68% to close at 77,620.21 (Source: Freepik)&nbsp;</p></div>
The NSE Nifty 50 ended 162.45 points or 0.69% lower at 23,526.5, while BSE Sensex lost 528.28 points or 0.68% to close at 77,620.21 (Source: Freepik) 

The Indian equities ended lower for the second day in a row on Thursday as investors shed their risk appetite and raised guard before the start of the third-quarter earnings season.

The NSE Nifty 50 ended 162.45 points or 0.69% lower at 23,526.5, while BSE Sensex lost 528.28 points or 0.68% to close at 77,620.21. During the session, the Nifty declined as much as 0.78% to an intraday low of 23,503.05, while the Sensex fell 0.77% to 77,542.92

Oil & Natural Gas Corp. was the top loser among the Nifty stocks after gaining for two consecutive days. Bajaj Auto Ltd. rose the most among Nifty stocks after CLSA's rating upgrade to 'outperform'.

Stock Market Highlights: Nifty, Sensex Slip 0.7%; Nifty IT Drops Before TCS Results

The Nifty is close to the lower end of the 23,500–23,900 range and a further downturn will take it to November lows of 23,275, which will come into play, according to market analyst Kush Bohra.

"We have seen a rebound from the 23,500 level in the last 10–15 session," he said, adding the put-call ratio, a technical indicator that helps investors and traders gauge the market's sentiment, is close to the oversold territory.

The Bank Nifty, which ended 0.67% lower at 49,503, continues to remain under pressure and a shorting proposition, he added.

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HDFC Bank Ltd., Larsen & Toubro Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd. and Infosys Ltd. weighed on the Nifty the most in terms of points contribution.

Mahindra & Mahindra Ltd., Hindustan Unilever Ltd., Kotak Mahindra Bank Ltd., Bajaj Auto Ltd. and Bharti Airtel Ltd. led the gains in the index.

Stock Market Highlights: Nifty, Sensex Slip 0.7%; Nifty IT Drops Before TCS Results

On the NSE, 11 out of the 12 sectors declined, with the Nifty Realty and Energy dragging the most.

Stock Market Highlights: Nifty, Sensex Slip 0.7%; Nifty IT Drops Before TCS Results

On the BSE, 20 sectors declined, with Realty declining the most, while Fast Moving Consumer Goods was the only sector to log gains.

The broader markets underperformed benchmark indices as the BSE MidCap and SmallCap ended 0.96% and 1.17% down respectively.

The market breadth was skewed in favour of the sellers as 2,728 stocks declined, 1,229 advanced and 110 remained unchanged on the BSE.

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