Markets erase early gains, Nifty dips 53 points with selling in Auto, Oil stocks

Closing bell: After opening with a positive momentum on Thursday, the domestic bourses erased all gains and ended lower amid uncertainties in global markets persists. 

The National Stock Exchange’s Nifty 50 ended 53 points or 0.21 per cent lower at 25,145.10 while the Bombay Stock Exchange’s 30-share Sensitive Index (Sensex) settled 151 points or 0.18 per cent lower at 82,201.16. 

Amid the mixed sectoral movement, the market was buoyed down by Auto, Pharma and Oil & Gas stocks while Information and Technology (IT) stocks staged a substantial recovery after Wednesday’s dip. 

Titan, LTI Mindtree, Wipro, and BPCL were top stocks which led the market’s positive move in Thursday’s trading session with Titan gaining 3.31 per cent to lead the charge. Apart from these, ITC, HeroMoto Corp, Tata Steel, and Infosys are other key gainers today. 

On the other hand, Ciple which slipped 1.46 per cent ended up as the Nifty’s biggest laggard. Following Cipla, Coal India, Dr Reddy, Reliance, Britannia, and Tata Motors were other top losers for the day. 

Mukesh Ambani-led Reliance Industries also approved the one-for-one issue of bonus shares, the company informed in an exchange filing. 

The MSCI Emerging Market weight of India piped China to become the largest with 19 per cent gains when compared to 8 per cent four years ago, according to a Morgan Stanley report. 

On Thursday, the rupee has also ended at its record low despite the Reserve Bank of India’s intervention, without which it could breach the mark of 84. The rupee settled at 83.9825 against the US dollar compared to 83.9650 in the last session.