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Indian markets experienced broad-based selling, with Sensex erasing the 63,000 mark and Nifty 50 falling below 18,700. Global cues and hawkish central bank stances dampened sentiments, while Accenture's lower Q4 2023 estimates caused IT stocks to dip.
Bulk and block deals: Stocks like Delhivery, Craftsman Automation, Sansera Engineering, Sakthi Sugars, Shilpa Medicare, Bright Outdoor Media, and Spectrum Talent Management were in focus during Thursday's trading sessions as they witness large buying and selling.
Indian markets saw volatility following Sensex's lifetime high and Nifty nearing its record level. Midcap and smallcap stocks underperformed, with IT, consumer durables, and metal stocks as top laggards. More sellers than buyers were seen and India's volatility index jumped 2.25% on Thursday.
Sensex hit fresh lifetime highs, while Nifty 50 neared its record high, but Indian markets couldn't sustain their momentum due to global trends and delayed monsoons. Expert, said market volatility was exacerbated by consecutive days of net selling by FIIs.
Nifty has been trading in an uptrend with formations of higher highs and higher lows. The index has also managed to sustain above its 21DEMA since April 2023. Nifty is trading in an ascending channel pattern and bouncing strongly whenever it approaches the channel support.