Indian benchmark stock indices continued their roller coaster of gains and losses on Thursday, ending lower because of selling in IT and banking shares even as investors decided to wait and watch ahead of the outcome of the India-US trade talks.
The 30-share BSE Sensex dropped 375.24 points or 0.45 per cent to settle at 82,259.24, while the 50-share NSE Nifty closed lower by 100.60 points or 0.40 per cent to 25,111.45.
During the day, the Sensex fell by 415.21 points or 0.50 per cent to 82,219.27.
Less-than-expected quarterly earnings and fresh fund outflows also dented investors’ sentiment, analysts said.
Tech Mahindra declined nearly 3 per cent after its June quarter earnings failed to cheer investors. Meanwhile, IT services firm Tech Mahindra reported a nearly 34 per cent year-on-year increase in consolidated net profit to ₹1,140.6 crore for the quarter ending June 30, 2025, on the back of growth in communications and financial services verticals.
The laggards in the Sensex stock were Infosys, HCL Tech, Eternal, Larsen & Toubro, Tata Consultancy Services and Axis Bank. However, Tata Steel, Trent, Titan and Tata Motors were among the gainers.
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Exchange data revealed Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,858.15 crore on Wednesday.
"Indian equity benchmarks ended marginally lower as investors exercised caution amid subdued Q1 earnings announcements, particularly in the technology and banking sectors. Market participants remained sidelined due to elevated valuations of large-cap stocks and FII outflows owing to the uncertainty regarding US-India trade deal; however, any positive developments could amplify market sentiment," said Vinod Nair, Head of Research, Geojit Investments Limited.
The BSE smallcap gauge climbed 0.30 per cent and midcap index went up by 0.07 per cent.
Among BSE sectoral indices, BSE Focused IT tanked 1.47 per cent, followed by IT, which was down 1.33 per cent, teck was low by 1.06 per cent, bankex by 0.51 per cent and utilities was down 0.25 per cent.
Realty jumped 1.22 per cent, metal climbed 0.62 per cent, commodities (0.42 per cent), healthcare (0.28 per cent) and consumer discretionary (0.25 per cent).
Prashanth Tapse, Senior VP (Research), Mehta Equities Limited, noted that markets largely remained in the negative zone because of uncertainty over the impending announcement of the much-delayed India-US tariff deal.
“The uncertainty led to investors selling in banking, IT and oil & gas shares, which resulted in the downfall of key benchmarks. Once the deal is announced and if it suits the interests of both the countries, there will be a relief in the markets and we may see short-term spurt, else the sluggish-to-pessimist mood could continue,” he said, adding that the ongoing earnings season will also have an effect on the mood of the markets.
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“Investors would take positions based on how the results pan out going ahead,” he added.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled in the positive territory while Hong Kong's Hang Seng ended lower.
European as well as the US markets were trading higher.
Global oil benchmark Brent crude dipped 0.06 per cent to USD 68.49 a barrel.
On Wednesday, the Sensex edged up 63.57 points or 0.08 per cent to settle at 82,634.48. The Nifty ended 16.25 points or 0.06 per cent higher at 25,212.05.
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