Benchmark stock market indices ultimately ended the trading session in the negative after failing to maintain the robust momentum seen in early trade.
The NSE Nifty50 finished 57.30 points lower at 19,386.70, while the S&P BSE Sensex dropped 180.96 points to 65,252.34. Broader market indices also failed to continue their upward trend, with the majority of them falling into the red.
Even while Nifty IT increased at the close of the trading session, it wasn't enough to support the markets as the majority of sectoral indexes also decreased.
The top five Nifty50 gainers were Asian Paints, Infosys, IndusInd Bank, and Britannia. Jio Financial Services, Reliance Industries Limited, Divi's Laboratories, Power Grid, and ONGC were among the major losers,.
Companies including Avantel, MTAR Technologies, Centum Electronics, and Paras Defence and Space Technologies saw significant gains in their individual shares as a result of Chandrayaan-3's historic landing in the Moon's south polar zone.
During intraday trading, shares of GMR Airports Infrastructure soared to an intraday high of 11% and closed roughly 9.5 percent higher at Rs 64.90.
As its demerger finance business, Jio Finance Services struck the lower circuit for the fourth straight day, Reliance Industries' stock slid 1.84 percent at the end of the trading session.
The Reliance Industries Annual General Meeting on August 28 will now be the focus of all attention as firm chairman Mukesh Ambani is anticipated to make some significant announcements.
In the aftermath of the Chandrayaan-3 mission's success, Dalal Street opened with a positive outlook today, but attitudes deteriorated as international cues kept upsetting home markets.
According to Choice Broking's Ameya Ranadive, a research analyst, "In the trading session held on Thursday, the equity benchmark indices displayed an early surge, followed by a gradual decline as the day progressed."
He pointed out that the Nifty chart has developed a strong Bearish Engulfing Candle pattern in light of recent occurrences, indicating potential future vulnerabilities.
This draws attention to the pivotal support level at 19,250; a breach below this level would intensify bearish sentiment. As a critical threshold for market benchmarks, however, a significant resistance level at 19,500 provides a contrarian viewpoint, according to Ranadive.
