Nifty, Sensex Extend Fall As RIL, Airtel Drag: Market Wrap

India's benchmark indices ended lower on Thursday, dragged down by heavyweights Reliance Industries Ltd. and Bharti Airtel Ltd. The NSE Nifty 50 extended fall for the second day to end 53.60 points or 0.21% lower at 25,145.10, while the S&P BSE Sensex declined for the third straight session to settle 151.48 points or 0.18% down at 82,201.16.

During the day, the Nifty rose as much as 0.30% to 25,275.45 and the Sensex added as much as 0.32% to hit a high of 82,617.49.

"Sector rotation and defensive play like on consumption has picked up in the last couple of days. Staples and retail have been benefiting from the growth," said Siddharth Khemka of Motilal Oswal Financial Services Ltd.

India surpassed its rival China to secure the largest weighting in the MSCI EM investable market index and is poised to surpass its neighbour as the largest emerging market. The country's rising weight in a key emerging market index would draw more absolute foreign flows, according to Morgan Stanley.

On the listing front, Raymond Lifestyle Ltd. was locked in a 5% lower circuit after a stellar market debut.

The Nifty Bank holding over 51,400 indicates that it can give a breakout above 51,500, leading to short covering, according to Rajesh Palviya of Axis Securities Ltd.

Shares of RIL, Bharti Airtel, and Larsen & Toubro Ltd. contributed the most to the losses in the Nifty.

Titan Co., ITC Ltd., Infosys Ltd., and HDFC Bank Ltd. advanced the most.

Sectoral indices on the NSE ended mixed, with the Nifty Media being the top gainer and the Nifty Realty falling the most.

Broader indices outperformed the benchmarks as the BSE MidCap closed 0.27% higher and the SmallCap ended 0.56% up.

Ten out of the 20 sectoral indices on the BSE ended lower, with Realty falling the most.

The market breadth was skewed in the favour of the buyers as 2,260 stocks rose, 1,667 fell and 111 remained unchanged on the BSE.