Sensex ends seven-day surge, drops 132 points

Equity indices Sensex and Nifty ended their seven-day winning streak, closing lower on Thursday as profit-taking took precedence following recent substantial gains. The BSE Sensex dropped 132.04 points, or 0.19%, to close at 69,521.69, hitting an intraday low of 69,320.53. Similarly, the broader Nifty declined 36.55 points, settling at 20,901.15, down 0.17%.

Amid negative cues from Asian markets and selling pressure from foreign institutional investors, traders exercised caution. The decline was also influenced by speculation around the Reserve Bank of India's anticipated decision on interest rates in its upcoming monetary policy review.

Key losers in the Sensex included Bharti Airtel, Hindustan Unilever, Tata Steel, and ITC, while Power Grid, UltraTech Cement, NTPC, and Titan saw gains.

Market expert Vinod Nair highlighted the cautious investor sentiment in anticipation of the monetary policy announcement. Factors like Q2 GDP growth, global oil prices, and bond yields are anticipated to play a role in the RBI's decision.

In the global arena, Asian markets, including Nikkei 225, Hong Kong's Hang Seng, and China's Shanghai Composite, saw declines. European markets witnessed mixed trends, with France's CAC 40 rising, Germany's DAX falling, and London's FTSE 100 experiencing losses. The US markets closed with the S&P 500 registering a slight decrease on Wednesday.

Brent crude, the global oil benchmark, was trading at USD 75.05 a barrel, up by 1.01%.

The previous day saw both Sensex and Nifty hitting record highs, with a surge in stock prices. However, Wednesday also saw foreign institutional investors selling shares worth Rs 79.88 crore, according to exchange data.