Sensex Today Trades 113 Points Lower | Nifty Below 22,600 | Eternal & Maruti Suzuki Top Losers - Equitymaster

Indian equity markets opened on a subdued note on Thursday, with the benchmark Sensex trading 113 points lower and the Nifty slipping below the 22,600 mark. The weakness was led by selling pressure in index heavyweights, particularly Eternal (formerly Zomato) and Maruti Suzuki, which emerged as the top losers in early trade. Analysts say the decline reflects a combination of global cues, profit-booking, and cautious sentiment ahead of key economic data releases. The broader market also witnessed a mixed trend, with midcap and smallcap indices showing relative resilience compared to the frontline indices.

According to data from the Equitymaster source, the Sensex was down 113 points, while the Nifty traded below 22,600. Among the top losers, Eternal and Maruti Suzuki were the most prominent. The table below summarises the key numbers from the source:

The market breadth was negative, with more declines than advances on the BSE. Analysts say the fall in Eternal, the food delivery and quick commerce major, could be attributed to profit-booking after a strong run-up in recent sessions. Maruti Suzuki, India's largest carmaker, faced selling pressure amid concerns over demand outlook and rising competition in the electric vehicle space. However, some analysts believe the correction is a healthy consolidation phase and long-term investors can use dips to accumulate quality stocks.

Analysts say the current dip is a buying opportunity for long-term investors, but caution is warranted in the short term due to global volatility.

Globally, Asian markets were trading mixed as investors awaited the US Federal Reserve's policy meeting minutes and key inflation data from the Eurozone. The US markets ended lower overnight, with technology stocks leading the decline. Foreign institutional investors (FIIs) have been net sellers in Indian equities over the past few sessions, adding to the downward pressure. On the domestic front, the rupee opened marginally lower against the US dollar, while crude oil prices remained volatile.

Sector-wise, auto, consumer durables, and IT stocks were among the top losers, while FMCG and pharma showed some resilience. The volatility index (India VIX) rose, indicating increased uncertainty. Market participants are closely watching the upcoming earnings season, which kicks off next week with IT majors. Analysts say that while the near-term outlook remains cautious, the medium-to-long-term story for Indian equities is intact, supported by strong domestic inflows and economic growth.

In terms of technical levels, the Nifty has immediate support around 22,500, while resistance is seen at 22,800. The Sensex has support at 74,000 and resistance at 74,500. Traders are advised to maintain strict stop-losses and avoid over-leveraging. Investors with a long-term horizon can consider accumulating blue-chip stocks on declines, but should focus on quality and valuations.

To sum up, the Indian stock market is experiencing a corrective phase, with the Sensex down 113 points and the Nifty below 22,600. Eternal and Maruti Suzuki are the top losers. While short-term volatility persists, analysts remain optimistic about the long-term prospects. Stay tuned for more market updates and insights.

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