Sensex, Nifty end lower on weekly expiry as profit booking caps early gains

Indian equities ended slightly lower on Thursday after a volatile weekly expiry session, with early optimism fading as traders booked profits at higher levels. The Sensex fell 135.03 points, or 0.18%, to close at 75,183.36, while the Nifty slipped 4.30 points, or 0.02%, to settle at 23,654.70.

Early gains fade

The day began on a firm note, helped by cooling crude oil prices and a recovery in the rupee after recent weakness. But the initial strength did not hold, and benchmark indices gradually gave up gains as the session progressed. The broader tone stayed cautious through the day, with investors unwilling to chase the market aggressively at higher levels.

Bajaj Broking said the session ended “on a negative note” as markets witnessed “volatile trade and profit booking at higher levels.” The brokerage noted that even though crude prices cooled off and the rupee recovered from record lows, selling pressure continued to weigh on the indices through the day.

Sector mix stays uneven

Sectoral performance was mixed, with buying interest visible in Nifty Realty, Consumer Durables and Healthcare stocks, while IT, FMCG and Media names faced pressure. The divergence showed that the market was still seeing stock-specific rotation rather than a broad-based move.

Among Nifty gainers, Grasim surged 6.43%, followed by IndiGo , Apollo Hospitals , Bajaj Auto and Trent . BEL , HDFC Life , Max Health and Hindalco also gained, helping offset weakness in some heavyweight laggards. On the flip side, Bajaj Finance , Hindustan Unilever , Tech Mahindra and Infosys were among the notable losers, with all four weighing on index sentiment.

Broader markets continued to outperform the benchmarks. The Nifty Smallcap 100 advanced 0.63%, reflecting selective buying interest, while the Nifty Midcap 100 was largely flat and ended marginally lower by 0.04%.

Range-bound view

Bajaj Broking said the Nifty’s daily chart formed a bearish candlestick pattern, with higher highs and higher lows signalling selling pressure around the recent breakdown zone of 23,800-23,900. The brokerage expects the index to stay in a consolidation band of 23,200-23,900 for now.

It added that only a move above 23,800-23,900 would signal a pause in the ongoing corrective trend. Until then, the market is likely to remain range-bound, with 23,200-23,000 acting as key support levels.

Bank Nifty also soft

Bank Nifty too showed signs of consolidation, with Bajaj Broking saying the index formed a bearish candlestick pattern around the 54,000 mark. The brokerage sees the index moving in a 52,700-54,700 range in the near term.

According to the firm, holding above 52,700-52,400 could open the door for a pullback towards 54,000 and 54,700. But unless the index starts forming higher highs and higher lows on a sustained basis, the recent downtrend may not be over yet.