Sensex, Nifty Snap 3-Day Rally as Metals, IT Drag; Rupee Steady

At the closing bell, the Sensex lost 503 points, or 0.60 per cent to settle at 83,313. The Nifty declined 113 points, or 0.52 per cent, to close at 25,642.

The broader markets posted strong losses as Nifty Midcap 100 index lost 0.28 per cent, while the NSE Smallcap 100 shed 1.29 per cent.

Most of the sectoral indices traded in red, with Nifty PSU bank being the only gainer up 0.38 per cent. Metals were the largest loser down 1.02 per cent. Nifty IT and auto lost over 0.50 per cent.

Trading activity was largely selective and stock-specific, with modest interest in export-oriented and select cyclical stocks offset by profit-taking in recent outperformers, resulting in subdued benchmark performance, analysts said.

Market watchers said that Bank Nifty continued to trade below the rising trend line and the intraday VWAP zone around 60,150-60,180, signalling a weak short-term structure and lack of bullish follow-through.

The Indian rupee traded in a range against the US dollar and was at 90.32 per USD on Thursday, indicating balanced demand-supply dynamics amid steady global cues.

Market participants also await further clarity on the progress of the US-Iran negotiations.

Nifty 50 remained locked in a tight consolidation, with repeated failures to sustain moves on either side. After an early dip, the index found support in the 25,580-25,600 zone, which acted as a consistent demand area through the session, said analysts.

The short-term bias remains sideways to mildly weak, with the index likely to oscillate between 25,580 and 25,750 unless a decisive breakout or breakdown emerges with volume, they added.

- IANS