The Indian equity market experienced mixed trading on Thursday, with technology stocks driving gains while broader market indices faced selling pressure. The BSE Sensex edged up slightly, supported by strong performances from IT stocks following TCS’s quarterly results. However, the NSE Nifty50 slipped marginally, reflecting overall market weakness.
Despite the positive performance of technology stocks, the market breadth remained negative, with more stocks declining than advancing. The number of stocks hitting 52-week lows far outnumbered those reaching yearly highs, signaling a bearish sentiment in the market. The Nifty Next 50, Nifty Midcap Select, and Nifty Bank indices all recorded losses, indicating broader market weakness.
While IT giants like TCS, Tech Mahindra, Wipro, Infosys, and HCL Technologies posted gains, other sectors, especially banking, witnessed declines. Stocks like Shriram Finance, IndusInd Bank, Adani Enterprises, UltraTech Cement, and Hindalco were among the top losers.
Foreign institutional investor selling worth ₹7,170 crore weighed on market sentiment, but retail investor confidence remained strong with record SIP inflows in December. The Nifty Financial Services index also traded lower, contributing to the tepid market performance.
Overall, the market remained range-bound amid broad selling, with concerns over quarterly earnings and the rupee’s weakness impacting market momentum. Despite the challenges, technology stocks provided some support, highlighting the sector’s resilience in the current market environment.
