Indian equity benchmarks ended sharply lower on Thursday, with the broader NSE Nifty50 closing below 24,100 and both the Sensex and Nifty finishing at one-week lows. The benchmark 30-share BSE Sensex fell 539 points to 76,933, while the Nifty lost 117 points to 24,091.
Nifty Bank, midcaps also finish lowerThe Nifty Bank declined 274 points to 57,510, while the Nifty Midcap index ended 66 points lower at 64,035. Market breadth was weak, with declining stocks comfortably outnumbering gainers. HDFC Bank hits four-year low; metals, autos under pressureHDFC Bank was a key drag on the benchmarks as the stock slipped to a four-year low.
Hindalco was the biggest Nifty loser, tracking weakness in metal prices, while M&M led losses among auto stocks. Shriram Finance ended 1.5% lower, extending its recent decline. Bharti Airtel fell 1% after comments from Singtel on its holding in the telecom company weighed on the stock.
Adani Enterprises, Kotak Mahindra Bank buck weak market trendAdani Enterprises gained 2% after a positive brokerage note, while Kotak Mahindra Bank extended Wednesday's gains and is now up around 5% this week. BHEL was another standout, rising more than 4% on healthy volumes.
Equipment stocks gained after a US government order, with CG Power advancing 4%. CONCOR, Tata Power slide; jewellery stocks gainCONCOR fell more than 4% after a sharp sell-off in the final hour of trade. Tata Power ended 3% lower after the company lost an arbitration case.
Jewellery stocks gained amid reports of a possible customs duty cut, while gold financiers Muthoot Finance and Manappuram Finance declined 4-5%. Rupee weakens; Asian markets mixedThe rupee closed at 95.54 against the US dollar, compared with Tuesday's close of 95.41.
Asian markets ended mixed. South Korea's Kospi gained nearly 2%, helped by technology stocks and a positive reaction to Nvidia's quarterly earnings, while Japan's Nikkei 225 ended marginally lower. China's CSI 300 rose nearly 1%. Crude oil prices fell for a fourth straight day as hopes of progress on West Asia peace talks improved ahead of Qatar's prime minister's visit to Tehran.