Stock Market Highlights: Nifty, Sensex Extend Losses To Seventh Session, Infosys Drags

After erasing earlier gains, the NSE Nifty 50 and BSE Sensex ended in losses for the seventh session in a row. Infosys Ltd., and HDFC Bank Ltd. share prices weighed on the Nifty 50 the most.

The Nifty 50 ended 13.85 points or 0.06% down at 23,031.40, and the Sensex closed 32.11 points or 0.04% lower at 76,138.97.

In the first half of trade, the Nifty 50 rose 0.83% to 23,235.50, and the Sensex gained 0.78% to 76,764.53.

"Technically, after an early morning intraday rally, the market registered profit booking at higher levels. From its day's highest point, the market shed over 235/750 points," said Shrikant Chouhan, head, equity research, Kotak Securities. The current market texture is volatile and non-directional, making level-based trading an ideal strategy for day traders, according to the brokerage.

"Today's trade witnessed an inverted V-shaped movement in the market. The index experienced a slight dip at the opening, but quickly surged higher to test the crucial 23,200 level. After a period of range-bound activity near this level, a sudden drop was witnessed, causing the index to lose all its earlier gains and trade in the red, ultimately settling the trade at 23,031.40, with a loss of 13.85 points," said Aditya Gaggar, director, Progressive Shares.

"On the daily chart, the index formed consecutive Doji candlestick (Long Legged Doji followed by Gravestone Doji), signaling uncertainty, while also defending the key levels of 23,200 on the upside and 22,800 on the downside. A decisive movement on either side is necessary for a clear direction in the market," Gaggar said.

Shares of HDFC Bank Ltd., Larsen & Toubro Ltd. and Tata Consultancy Services Ltd. weighed on the Nifty 50.

While those of Sun Pharmaceutical Industries Ltd., Bajaj Finance Ltd., Tata Steel Ltd., Kotak Mahindra Bank Ltd., and Bajaj Finserv Ltd. limited losses in the index.

On NSE, seven out of 12 sectors declined, and five advanced. The NSE Nifty PSU Bank declined the most, and the NSE Nifty Pharma rose the most.

"The Pharma and Metal sectors were the top performers, while IT and PSU Banks lagged. A notable divergence was observed in the broader market, with midcaps holding onto their gains, while smallcaps closed in the negative," Gaggar said.

Broader markets ended Thursday's session on a mixed note. The BSE Midcap ended 0.07% higher and the BSE Smallcap closed 0.43% down.

On BSE, 11 out of 21 sectors declined, and nine sectors advanced. The BSE Focused IT declined the most, and the BSE Metal rose the most.

Market breadth was skewed in the favour of sellers. Around 2,092 stocks declined, 1,851 stocks advanced, and 131 stocks remained unchanged on BSE.