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Sensex & Nifty declines after 6-day winning streak due to China Taiwan Crisis

Indian stock markets declined on Thursday by breaking off a 6-day consecutive winning streak. IT and Healthcare stocks helped the indices from declining more as banking stocks dragged down throughout the day.

The anticipations regarding upcoming RBI meeting on monetary policy, and continuing military exercise by China against Taiwan in the wake of US Speaker Nancy Pelosi’s visit to island nations caused a high volatile market on Wednesday.

In the major capital markets in the Asian region, only Indian and Taiwanese markets faced a decline. European markets are also currently performing well (as of 16:30 IST) with their numbers in green and advanced positions.

S&P BSE Sensex

S&P BSE SENSEX of the Bombay Stock Exchange on Thursday shed 51.73 (-0.09%) points to close the Market at 58,298.80. The index which opened at 58,571.28 points today went as high as 58,712.66 points. The yardstick index of BSE had closed at 58,350.53 yesterday (Wednesday).

Top gainers on S&P BSE Sensex were Sun Pharma (2.46%). Nestle India (2.39%) Infosys (2.20%) Dr Reddy’s Laboratories (1.33%) Wipro (0.76%) and Mahindra & Mahindra (0.66%).

New York-based financial services company Jefferies had earlier today announced its strong projection for companies such as Nestle India, due to increased spending by Gen Z in the Indian consumer market.

Top losers on Thursday were NTPC (-3.10%), State Bank of India (-1.46%), Reliance Industries (-1.32%), Axis Bank (-1.17%), Power Gird (-1.10%) and Kotak Mahindra Bank (-0.88%).

While stocks of IT companies such as Infosys, Wipro, TCS, Tech Mahindra and HCL Tech advanced amidst volatile markets, all banking stocks including HDFC Bank, ICICI Bank and Indus Ind Bank concluded their trades in red.

Out of 30 stocks traded on the index, 17 stocks advanced, while the rest of them traded their shares in red and ended the day at a loss.

In sectoral indices on the Bombay Stock Exchange, S&P BSE Healthcare came out as the highest gainer on Thursday. The index gained 439.18 (1.93%) points to close the market at 23,252.34. Out of 97 stocks traded on the index, 51 stocks advanced while 46 stocks ended up declining their stock value.

Nifty 50

Benchmark index of National Stock Exchange, Nifty 50 on Thursday declined 6.15 points (-0.04%) to conclude trading at 17,382.00 points. The index which opened at 17,463.10 saw its value touching as high as 17,490.70 points during the trading day.

Cipla (3.18%) Nestle India (2.45%) Sun Pharma (2.33%) Infosys (2.10%) and Apollo Hospital (1.95%) were the top 5 gainers on Thursday.

Top 5 losers on the index were NTPC (-3.32 %) Tata Consumer Products Limited (-3.05 %) Coal India (-2.38 %) Shree Cements (-1.60 %) and State Bank of India (-1.58 %).

Out of 50 stocks traded on the Nifty 50 index, only 23 stocks were able to trade in green on Thursday, while the rest of 27 stocks declined.

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