Sensex falls more than 100 points, while Nifty trades below 16,500
Indian equity indexes experienced a decline in early trades on Thursday, snapping a four-session gaining streak.
The four-session winning streak for Indian market indexes came to an end on Thursday as trading began lower.
The majority of Asian markets fell as traders were on edge due to the impending interest rate hike in Europe and the uncertainties surrounding the Russian gas supply to the west. Futures for US stocks also decreased.
At home, the 30-share BSE Sensex dropped 101 points, or 0.18 percent, in the opening session to settle at 55,297, while the larger NSE Nifty declined 29 points, or 0.17 percent, to close at 16,492.
Shares of mid- and small-cap companies were trading poorly as the Nifty Midcap 100 fell 0.32% and small-cap companies lost 0.45%.
The National Stock Exchange’s 15 sector gauges, six of which were in the red, were trading. Nifty Financial Services and Nifty IT sub-indices underperformed the NSE platform, declining by as much as 0.56 percent and 0.32 percent, respectively.
The highest Nifty loser in terms of individual stocks was Wipro, whose share price fell 1.27 percent to 406.85. Other laggards were Shree Cement, HDFC Life, SBI Life, and Kotak Mahindra Bank.
Although 1,562 equities on the BSE were rising while 769 were falling, the overall market breadth was favourable.
The top losers on the 30-share BSE index included Wipro, Kotak Bank, L&T, HDFC Bank, Infosys, Reliance Industries, SBI, and Bajaj Finance.
In contrast, the stock prices of IndusInd Bank, ITC, Hindustan Unilever, Sun Pharma, and Bharti Airtel were falling.
The largest domestic financial investor and insurer in the nation, Life Insurance Corporation of India (LIC), saw a 0.43 percent increase in share price to trade at 690.80.
The Nifty rose 180 points or 1.1% higher to end the day at 16,521, while the Sensex increased by 630 points or 1.15 percent to close at 55,398.