Markets end lower amid mixed global cues, Nifty falls below 22,000

Stock market news: Indian benchmarks ended Thursday on a negative note amid mixed global cues. Dalal Street witnessed a positive momentum during early trade today after three consecutive trading sessions that bore losses.

The blue-chip S&P BSE Sensex ended 454.6 points lower at 72,488.99, while the broader NSE Nifty 50 closed 103.7 points lower at 22,044.20. 

All broad market indices slipped to red during the afternoon trade. Nifty50 fell below the psychological mark of 22,000 for the first time since March 26. All sectoral indices except Nifty Media closed in red. 

Heavyweight Nifty Bank closed 0.87 per cent lower led by losses in HDFC Bank, ICICI Bank, SBI and Axis Bank. Nifty Oil & Gas ended 1.1 per cent lower after climbing a point higher during morning trade. Heavyweight Reliance majorly dragged the index.

This decline marks a continuation of the recent downward trajectory, with the indexes experiencing a more than 3 per cent drop over the past four sessions since achieving record closing highs on April 10, representing their longest losing streak in approximately six months.

Ajit Banerjee, Chief Investment Officer of Shriram Life Insurance, commented on the situation, stating, "Volatility is likely to rise further and remain elevated, as quarterly earnings season and national elections get underway. Domestic equities are not immune from the impact of geopolitical concerns or US rate outlook."

The Nifty volatility index rose to 13.04, its highest level since March 20, reflecting the increased market uncertainty.

India's multi-phased general elections are set to commence on Friday, with results scheduled to be announced on June 4. The polls project Prime Minister Narendra Modi winning a third term, adding to the anticipation and volatility in the market.

In terms of sectoral performance, the IT index extended its selling streak to a fourth session, declining by 0.23 per cent. Meanwhile, high weightage financials dropped nearly 1 per cent, extending losses for the fourth consecutive day.

Nestle India faced a notable decline of 3.28 per cent following reports alleging the addition of sugar to baby food sold in low-income countries while excluding it from its main markets in Europe or the UK.

On the other hand, Bharti Airtel witnessed a significant increase of 4 per cent, reaching a record high amid multiple block deals at a premium over its last close. Power Grid gained more than 2 per cent after Goldman Sachs assigned a "buy" rating on the state-run energy transmission company's stock.

IT service provider Infosys and two-wheeler maker Bajaj Auto experienced modest gains of 0.34 per cent and 1.15 per cent, respectively, ahead of their quarterly results, which are due after market close.

(With Reuters inputs.)