MUMBAI: The Nifty slipped for the fifth consecutive series, marking its longest losing streak in 29 years. The index declined 4 per cent in February and has fallen over 14 per cent in the last five series, underscoring persistent weakness in the broader market.
Indian equities ended flat on Thursday as benchmark indices struggled for direction, while midcaps faced heavy selling pressure. The Sensex gained 10 points to close at 74612, while the Nifty edged lower by two points to settle at 22545.
However, broader market sentiment remained weak, with the Nifty Midcap 100 index tumbling 565 points to 49137, reflecting a 1 per cent decline. Market breadth tilted in favor of declines, as midcaps continued to underperform.
Several stocks hit fresh lows, with six Nifty constituents, including Tata Motors, SBI, and Hero MotoCorp, touching 52-week lows. The midcap segment also witnessed significant damage, with nearly 20 stocks from the Nifty Midcap 100 hitting their lowest levels in a year.
Banking stocks
Banking and financial stocks saw some relief after the Reserve Bank of India (RBI) rolled back the risk weight increase, lifting sentiment in select NBFCs and banks. AU Small Finance Bank, RBL Bank, L&T Finance, Shriram Finance, and Cholamandalam Investment gained between 3-6 per cent following the announcement.
UltraTech Cement’s foray into the cable and wire business weighed on sector stocks, with Polycab India, Finolex Cables, KEI Industries, and Havells declining up to 21 per cent.
