Among sectoral indices, Nifty Metal led the losses while Nifty Consumer Durable also registered sharp declines.
Markets ended lower on Thursday as investors turned cautious after a volatile rally earlier in the week, with metal stocks and small-caps bearing the brunt of selling pressure while the rupees gained ground against the dollar amid softer commodity prices.
The BSE Sensex closed at 83,313.93, down 503.76 points or 0.60 per cent from its previous close of 83,817.69, while the NSE Nifty fell 133.20 points or 0.52 per cent to settle at 25,642.80 from 25,776.00. Market breadth remained negative with 2,447 stocks declining against 1,737 advances on the BSE, where 4,342 stocks traded.
The Nifty Small-cap 100 index emerged as the worst performer, plunging 1.29 per cent to close at 16,983.90, down 221.20 points, significantly underperforming frontline indices. The Nifty Midcap 100 declined 0.28 per cent to 59,517.10, losing 166.50 points. “The Smallcap index was notably the worst performer, declining 1.29 per cent and severely underperforming frontline indices,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Among sectoral indices, Nifty Metal led the losses while Nifty Consumer Durable also registered sharp declines. The Nifty Bank fell 0.29 per cent to 60,063.65, down 174.50 points, while Nifty Financial Services slipped 0.41 per cent to 27,689.35, losing 113.20 points. The Nifty Next 50 declined 0.47 per cent to 68,970.40, down 328.15 points.
On the Nifty50, Trent emerged as the top gainer, surging 2.98 per cent to ₹4,132.00 from its previous close of ₹4,012.60. Max Healthcare gained 1.22 per cent to close at ₹1,038.00 from ₹1,025.45, while Tata Steel advanced 1.13 per cent to ₹197.60 from ₹195.40. JSW Steel rose 1.04 per cent to ₹1,241.00 from ₹1,228.20, and Grasim Industries climbed 0.92 per cent to ₹2,871.10 from ₹2,844.90.
Hindalco topped the losers’ list, plummeting 3.00 per cent to close at ₹936.00 from ₹964.95. eternal lost 2.41 per cent to ₹287.05 from ₹294.15, while Bharti Airtel declined 1.66 per cent to ₹1,992.20 from ₹2,025.80. Bharat Electronics slipped 1.53 per cent to ₹432.50 from ₹439.20, and ITC fell 1.19 per cent to ₹310.10 from ₹313.85.
“Indian equity markets traded in a tight range, signaling a wait-and-watch phase as investors remained cautious in the absence of fresh domestic triggers,” said Ponmudi R, CEO of Enrich Money. “The Nifty index traded in a noticeably tight band on Thursday, moving within a 178 point range, the narrowest in the last four trading sessions,” Shah added.
Vinod Nair, Head of Research at Geojit Investments Limited, noted, “Indian equities saw consolidation, as weakness was followed by a sharp rally in recent sessions driven by optimism around the US–India trade deal, suggesting profit booking was at play.”
The Indian rupee strengthened against the US dollar, trading near 90.30 and gaining approximately 0.20 paise or 0.22 per cent. “Rupee traded stronger near 90.30, gaining around 0.20 paise or 0.22 per cent, supported by dollar weakness and softer commodity prices,” said Jateen Trivedi, VP Research Analyst at LKP Securities.
In commodities, spot gold and silver slipped below $4,800 per ounce and $75 per ounce respectively after two days of recovery. “Currently, spot gold and silver are attempting a recovery above $4,900/oz and $78/oz, though prices look likely to remain choppy,” said Kaynat Chainwala, AVP Commodity Research at Kotak Securities. WTI crude oil prices reversed sharply, falling more than 2 per cent to below $64 per barrel as the US and Iran agreed to resume talks in Oman.
Looking ahead, market participants await the Reserve Bank of India’s policy meeting scheduled for Friday. “All eyes are now on the RBI policy due tomorrowas participants will closely watch liquidity measures and the policy stance,” Trivedi said. Ajit Mishra of Religare Broking recommended maintaining “a positive stance on the Nifty and continuing a buy-on-dips approach as long as the index holds above the 25,400 level, with upside potential toward 26,000 initially.”
Published on February 5, 2026