Sensex and Nifty Fall for 4th Day Amid IT Sell-Off
By ThePip Desk
Indian stock markets extend losses for the fourth straight session as IT stocks and rising crude oil prices dampen investor sentiment. Get the latest update.
Indian equity benchmarks retreated for the fourth consecutive session on Thursday, surrendering initial gains as market sentiment soured. A sharp sell-off in IT sector stocks combined with rising crude oil prices to weigh on the indices, while late-session profit-booking deepened the decline.
Market Performance Metrics
The indices closed in the red as selling pressure dominated the broader market mood. Key performance figures for the session include:
- BSE Sensex: 417.49 points decline, or 0.55 percent, to 76,152.86.
- CNX Nifty: 41.00 points decline, or 0.17 percent, to 23,873.45.
- Foreign Institutional Investors: Net buyers of equities worth 6,688.37 crore on Wednesday.
Sectoral Trends and Movers
While buying interest emerged in Realty and Capital Goods, it remained insufficient to offset losses in IT, TECK, and Consumer Durables. Among Nifty constituents, Bajaj Auto, Tech Mahindra, and Trent emerged as the primary laggards. Investors maintained a cautious stance throughout the day, influenced by weak global cues and persistent geopolitical risks.
Economic Updates and Policy Outlook
Despite the market volatility, several domestic economic markers provided context on the current landscape:
- Services Sector: The HSBC India Services PMI Business Activity Index rose to 54.1 in August from 53.3 in July.
- Economic Growth: Finance Minister Nirmala Sitharaman reported that India achieved 7.8 percent growth in Q1 FY27.
- Critical Minerals: Commerce and Industry Minister Piyush Goyal confirmed ongoing discussions with nations, including the US, for critical mineral development.
- Nuclear Energy: NITI Aayog Member Abhay Karandikar stated that India must reassess green finance to meet a 100 GW nuclear capacity target by 2047.
Global markets provided a challenging backdrop for domestic traders, with European indices trading largely in the red. This follows reports from Eurostat indicating that Eurozone producer price inflation accelerated in July, driven by an energy surge.