The Indian stock market ended in the red on Thursday as investors adopted a cautious stance ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting, scheduled for February 7. Market participants are closely watching the central bank’s decision on interest rates, leading to subdued sentiment across sectors.
The Sensex declined by 213.12 points, or 0.27%, to close at 78,058.16. The index fluctuated throughout the session, reaching an intraday high of 78,551.66 and a low of 77,843.99.
Similarly, the Nifty 50 fell 92.95 points, or 0.39%, settling at 23,603.35. The index recorded a high of 23,773.55 and a low of 23,556.25 during the trading session.
Among Nifty-listed companies, 30 stocks closed in negative territory, contributing to the overall weakness in the market.
Several stocks witnessed sharp declines, with Trent, Bharat Electronics, Bharti Airtel, ONGC, and Titan emerging as the biggest losers, tumbling up to 8.39%.
On the other hand, Adani Ports, Cipla, Infosys, and Dr. Reddy’s Laboratories managed to stay in positive territory, recording gains of up to 2.51% during intraday trade.
The broader market mirrored the downtrend, with the Nifty Midcap100 dropping 1.26% and the Nifty Smallcap100 slipping 0.30%.
Sectoral indices on the NSE showed a mixed performance. The Nifty Auto, FMCG, Consumer Durables, Realty, and Financial Services sectors recorded losses of up to 2.19%, reflecting cautious sentiment among investors.
However, some sectors demonstrated resilience. Nifty Bank, IT, Pharma, Private Bank, and Healthcare ended the session with modest gains of up to 0.64%.
Commenting on currency movements, Dr. Joseph Thomas, Head of Research at Emkay Wealth Management, said that at current levels of 87.30/40, the depreciation of the rupee aligns with trends observed in emerging market currencies, including those in Latin America and Africa.
He further highlighted the potential for larger dollar inflows into India, particularly from repatriation by technology companies with significant overseas receivables.
Meanwhile, in the commodities market, gold traded sideways with minor weakness. On the Multi Commodity Exchange (MCX), the metal hovered around ₹84,450, while Comex gold witnessed a slight retracement toward $2,850.