Mumbai, June 19: Indian equity markets ended their five-day gaining streak in a volatile trading session on Thursday, as benchmark indices witnessed broad-based selling pressure led by the information technology sector.
Benchmark indices opened on a cautious note and remained under pressure throughout the session, eventually closing lower as investors opted for profit booking after recent gains. The IT sector emerged as the biggest drag on market performance, with technology stocks falling over 3 per cent, weighing heavily on overall sentiment.
Market participants attributed the decline to a combination of factors, including valuation concerns in select IT counters, weak global demand outlook for technology services, and increased caution ahead of upcoming earnings announcements. Heavyweight IT stocks were among the key contributors to the downward movement.
Broader markets also witnessed mild weakness, reflecting a risk-off sentiment among investors. However, selective buying was observed in defensive sectors, indicating that market participants continue to rotate capital across segments based on risk appetite and sectoral outlook.
Analysts noted that the correction follows a strong upward run in recent sessions and is largely driven by short-term profit booking rather than any structural weakness in the market. They added that domestic macroeconomic stability, steady liquidity conditions, and consistent institutional inflows continue to support the medium-term outlook.
Investors are closely watching global market trends, crude oil price movements, and upcoming corporate earnings results for further cues on market direction in the near term.