Markets

Benchmark equity indices Sensex and Nifty snapped their seven-day winning streak on Thursday due to profit taking by investors after recent sharp gains triggered by negative cues from Asian markets.

The 30-share BSE Sensex fell 132.04 points, or 0.19 percent, to close at 69,521.69. The gauge hit the lowest intra-day level of 69,320.53. Broader index Nifty also declined 36.55 points, or 0.17 percent, to settle at 20,901.15.

The Reserve Bank of India is expected to maintain the status quo on the interest rate in its bi-monthly monetary policy decision to be announced on Friday. Major laggards among Sensex constituents included Bharti Airtel, Hindustan Unilever, Tata Steel and ITC. Power Grid, UltraTech Cement, NTPC and Titan emerged as winners.

As many as 17 shares of the 30-share Sensex ended the session in red, while 23 Nifty firms closed lower.

Gold price gained Rs 100 to Rs 62,950 per 10 grams in the national capital on Thursday amid a rise in the price of precious metal globally, according to HDFC Securities.The yellow metal had ended at Rs 62,850 per 10 grams in the previous trade.

However, silver plunged Rs 800 to Rs 77,300 per kilogram. In the previous trade, it had settled at Rs 78,100 per kg. In the overseas market, gold was up at USD 2,031 per ounce, while silver was trading lower at USD 23.95 per ounce.Spot gold at Comex was trading at USD 2,031 per ounce, up by USD 2 from its previous close.

"Gold prices ticked up following a pullback in the dollar after weaker than expected US macro data, pointing to slower US growth and a softer labour market. Recent macro data has increased market expectations that the Federal Reserve will lower interest rates in March 2024," HDFC Securities' senior analyst of commodities Saumil Gandhi said.

The Indian stock market witnessed a correction on Thursday, snapping a seven-day winning streak for both the Sensex and Nifty. Selling pressure from foreign institutional investors and weak cues from Asian markets contributed to the decline.

Despite a drop in international crude oil prices, market sentiment remained subdued as investors opted to secure profits before the Reserve Bank of India’s upcoming monetary policy announcement. The BSE Sensex fell by 211.21 points or 0.30%, closing at 69,442.52, while the broader Nifty index decreased by 58.95 points or 0.28%, settling at 20,878.75.

Key contributors to the Sensex’s decline included Hindustan Unilever, Bharti Airtel, ICICI Bank, and Bajaj Finance, which saw losses of up to 2.03%. PowerGrid bucked the trend with a 1.25% increase, followed by gains in UltraTech Cement (1.07%), Asian Paints (0.96%), and NTPC (0.76%). Maruti, Kotak Mahindra Bank, and HCL Tech also experienced positive movement. Out of the 30 stocks comprising the Sensex, 18 traded in the red, and 24 of the Nifty companies experienced losses in the early trade. Foreign institutional investors offloaded shares worth Rs 79.88 crore on Wednesday, as per exchange data.

In the Asian market, Japan’s Nikkei 225 experienced a 1.79% decline. European markets closed higher on Wednesday, with London’s FTSE 100 gaining 0.21%. The US markets had a mixed close on Wednesday, with the S&P 500 down by 0.39%