The Indian stock market ended on a negative note on Thursday. BSE Sensex fell by 440 points to close at 66,266, while the Nifty 50 declined by 118 points to settle at 19,659.

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Among the sectors, Nifty Banks experienced a notable decline, falling by 383 points to reach 45,679. However, the Midcap Index managed to buck the trend and rose by 101 points to reach 37,151.

Among the Nifty50 stocks the top losers were M&M, Tech Mahindra, Tata Consumer Products, BPCL and Britannia Industries, while Cipla, Sun Pharma, Divis Labs, Apollo Hospitals, and HeroMoto Corp emerged as the gainers.

The day saw sectors such as auto, oil & gas, bank, and FMCG indices witnessing declines ranging from 0.5 percent to 1 percent. On the other hand, the pharma index surged by 3 percent, and the realty index gained 2 percent. In the broader market, the BSE Midcap index rose by 0.5 percent, while the Smallcap index closed with marginal changes.

The Nifty meanwhile registered its fourth consecutive gain in the Futures and Options (F&O) series. This feat marks the first time since December 2016 to May 2017, where Nifty saw a gain in six consecutive F&O series. The index's performance has been notable in the current series, surging by over 700 points.

Expert view

"Domestic equities are off from the day’s high amid derivatives' monthly expiry and hawkish commentary from US Fed. Nifty opened higher but soon succumbed to selling pressure to close with a loss of 118 points (-0.6 percent) at 19660. Except for Pharma and Realty, all sectors ended in the red. Pharma sector saw huge buying interest on the back of good results announced by Cipla and Dr. Reddy, along with a couple of USFDA approval given to Aurobindo. The Real Estate sector also saw a run-up on the back of strong demand growth seen in the luxury housing segment. Cautiousness was seen in the market ahead of ECB and BoJ interest rate decision due today. Market is likely to consolidate given no clarity given by the US Fed on its future course of action, leading to mixed global cues. Overall strength continues in the market, with the likelihood of consolidation at higher levels," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Also read: Stock Market Highlights: Indices end in the red, Nifty 50 sees best F&038;O series gaining streak in over 6 years

First Published:Jul 27, 2023 3:48 PM IST