Indian equity markets ended lower on Thursday amid broad-based selling across sectors, led by losses in banking and financial heavyweights. The Nifty 50 closed below the crucial 25,200 mark, while the Sensex fell nearly 300 points, weighed down by declines in SBI, Bajaj Finance, and ICICI Bank.
At the close, the Sensex settled 297.07 points or 0.36% lower at 82,029.98, and the Nifty 50 ended 81.85 points or 0.32% down at 25,145.50. Market breadth remained weak, with 1,279 stocks advancing, 2,755 declining, and 113 remaining unchanged on the BSE.
All major sectoral indices ended in the red, indicating a broad sell-off. Nifty Media, Metal, PSU Bank, and Consumer Durables indices dropped over 1% each. The broader markets witnessed steeper losses — Nifty Midcap 100 fell 0.9%, while Nifty Smallcap 100 shed over 1%.
Despite the decline, analysts remain cautiously optimistic. Experts at JM Financial noted that “conditions are gradually turning favourable for equities,” signaling potential recovery in sentiment and risk appetite in the coming months.
Brokerage PL Capital maintained a constructive long-term outlook, valuing the Nifty at a 15-year average P/E multiple of 19.2x with a 12-month target of 28,781, and a bull-case target of 30,220.
Meanwhile, the Indian rupee weakened slightly, closing near its record low amid global dollar strength and uncertainty in US-China trade dynamics. However, the currency held steady within a narrow range due to central bank support and steady foreign fund inflows.
“Spot USDINR finds support at 88.50 and faces resistance at 89.10,” said Dilip Parmar, Senior Research Analyst at HDFC Securities.
Originally published on newsworldstime.com.
Originally published on 24×7-news.com.
