Sensex, Nifty Snap 7-Day Winning Streak Amid Global Cautiousness

Mumbai: Equity indices, Sensex and Nifty, concluded their seven-day winning streak on Thursday, facing profit-taking amid negative cues from Asian markets. The BSE Sensex dropped 0.19% to close at 69,521.69, while the Nifty fell 0.17% to settle at 20,901.15. Analysts attributed the decline to international crude oil prices and foreign institutional investors’ selling pressure. The Reserve Bank of India is anticipated to maintain interest rates in its upcoming monetary policy decision. Notable losers included Bharti Airtel, Hindustan Unilever, Tata Steel, and ITC, while Power Grid, UltraTech Cement, NTPC, and Titan emerged as winners.

Experts mentioned the market’s cautious stance ahead of the monetary policy announcement, considering factors like Q2 GDP growth, global oil prices, and bond yields. Others highlighted the Nifty’s cautious sentiment, remaining sideways below the crucial 21,000 level.

In the broader market, the BSE large-cap index inched up by 0.02%, the mid-cap gauge gained 0.66%, and small-cap advanced by 0.28%. Sectoral indices like FMCG, metal, and tech declined, while utilities and power surged.

In the global market scenario, Asian markets faced declines, with the Nikkei 225 down by 1.79%, Hang Seng off 0.73%, and Shanghai Composite falling 0.09%. European markets showed mixed trends, with France’s CAC 40 rising 1.53%, Germany’s DAX falling 0.19%, and London’s FTSE 100 losing 0.31%. In the US, the S&P 500 registered a 0.39% loss.

On the commodities front, Brent crude traded 1.01% higher at USD 75.05 a barrel. Foreign institutional investors sold shares worth Rs 79.88 crore on Wednesday.

The market’s breather was attributed to a wait-and-watch approach ahead of the RBI policy meet, with expectations shaped by various economic indicators and global factors.