Mumbai: The benchmark BSE Sensex extended its losing streak for the fifth consecutive session, shedding 200.85 points or 0.27 per cent to close at 73,828.91 on Thursday. The broader NSE Nifty also declined by 73.30 points or 0.33 per cent , settling at 22,397.20.

Despite opening higher, the Sensex failed to sustain its gains, reaching an intraday high of 74,401.11 in the late morning session before slipping into the red due to persistent selling in select blue-chip stocks. The index hit a low of 73,770.59, marking a decline of 259.17 points or 0.35 per cent from the day's peak. The Nifty also fell to an intraday low of 22,377.35, down 93.15 points or 0.41 per cent .

Sectoral Weakness and Key Losers

The downturn was primarily driven by selling in realty, auto, and IT stocks. Among the 30 Sensex constituents, major laggards included Zomato, Tata Motors, IndusInd Bank, Asian Paints, Bajaj Finance, Maruti Suzuki India, Adani Ports, Hindustan Unilever, Reliance Industries, Bajaj Finserv, UltraTech Cement, and Infosys.

Gainers Amidst the Decline

Despite the broader weakness, some stocks managed to buck the trend. State Bank of India, ICICI Bank, Tata Steel, NTPC, Tata Consultancy Services, PowerGrid, Kotak Mahindra Bank, and Sun Pharmaceuticals posted gains, providing some support to the indices.

Expert Views on Market Trends

According to Vinod Nair, Head of Research at Geojit Financial Services, the market is experiencing volatility due to a shortened trading week and a sell-off in the US short market. However, he highlighted that India continues to demonstrate resilience with only a marginal negative trend.

Ajit Mishra, SVP of Research at Religare Broking Ltd, noted that the market remained range-bound on the weekly expiry day. He attributed the early uptick to positive global cues but pointed out that selling pressure in heavyweight stocks across various sectors ultimately pulled the indices lower.

Global Market Trends and Oil Prices

The broader global market sentiment also influenced domestic indices. Major Asian markets, including Tokyo, Shanghai, Hong Kong, and Seoul, ended in the red. However, European markets were trading higher in mid-session deals, and US markets had closed on a positive note on Wednesday.

Meanwhile, Brent crude, the global oil benchmark, was down 0.34 per cent , trading at USD 70.71 per barrel, adding to market concerns.

Institutional Activity and Market Outlook

Foreign Institutional Investors (FIIs) continued their selling spree, offloading equities worth Rs 1,627.61 crore on Wednesday, as per exchange data. In contrast, Domestic Institutional Investors (DIIs) provided some support by purchasing equities worth Rs 1,510.35 crore.

On Wednesday, the Sensex had declined by 72.56 points to close at 74,029.76, while the Nifty fell by 27.40 points to end at 22,470.50. Market analysts anticipate further volatility in the coming sessions amid global and domestic cues.