Indian equity benchmarks extended their losing streak for a second straight session on Thursday, April 24, with the Nifty slipping below the 24,200 mark by the closing bell. The Sensex dropped 852.49 points, or 1.09 per cent, to settle at 77,664, while the Nifty declined 205.05 points, or 0.84 per cent, ending at 24,173.05. Market breadth remained negative, with 1,688 stocks advancing, 2,409 declining, and 155 remaining unchanged.

Among the Nifty constituents, major laggards included Trent, M&M, Shriram Finance, SBI Life Insurance, and Tech Mahindra. On the other hand, Dr Reddy's Laboratories, Cipla, Jio Financial, Adani Enterprises, and Apollo Hospitals emerged as the top gainers.

Sector-wise, capital goods stocks edged up 0.4 per cent, while the healthcare index led the gains with a 1.6 per cent rise. The energy index added 0.25 per cent, and media stocks advanced 0.9 per cent. In contrast, auto, consumer durables, and PSU banking sectors each fell around 2 per cent. IT, real estate, metal, and private banking indices also ended lower, slipping about 1 per cent each.

Broader markets mirrored the weak sentiment, with the Nifty Midcap index declining 0.4 per cent and the Smallcap index falling 0.6 per cent.

Vinod Nair, Head of Research, Geojit Investments, noted, "Domestic equities witnessed a broad-based decline, as elevated crude prices above $100 per barrel, amid the impasse in US-Iran negotiations, continued to weigh on sentiment. The risk-off mood was further intensified by weak global cues, persistent FII outflows, and a depreciating INR alongside higher US Treasury yields."

Nair added, "While the domestic composite PMI signalled continued expansion in business activity, its positive impact was overshadowed by concerns around rising input costs, margin pressure, softer export demand, and weakening forward-looking confidence, limiting meaningful buying interest. Sector performance was largely skewed to the downside, with defensives, particularly pharma and healthcare, standing out as relative safe havens amid the broader selloff."