Closing Bell: Market Ends Lower Amid Profit Booking; Sensex Slips 200 Points, Nifty Slides Below 22,050

The Indian stock market witnessed profit booking at record levels, causing major indices to retreat from intra-day highs. The Sensex, Nifty, and Midcap Index failed to sustain the momentum seen earlier in the day, with several key stocks experiencing notable movements.

The Sensex ended the day 199 points lower at 73,129, and the Nifty slipped by 66 points to close at 22,032. The Nifty Bank and Midcap Index also faced downward pressure, falling 51 points to 48,108 and 177 points to 47,661, respectively.

GQG's decision to raise its stake provided a boost to ITC, with the stock rebounding 2% from its lows. On the other hand, Federal Bank closed with minor cuts after a Q3 performance that left investors with mixed sentiments.

Zee Entertainment witnessed a surge of more than 4% as short covering took place, while oil marketing companies saw an uptick following a decline in crude prices, with stocks rising by 1-4%.

The IT sector experienced profit booking, resulting in Nifty IT falling more than 1%. Conversely, metal stocks witnessed a surge, fueled by reports of a stimulus in China. Tata Steel emerged as the top gainer among metal stocks.

Vodafone Idea emerged as the top midcap loser, closing with a cut of 4%, while OFSS saw profit booking, experiencing a 3% decline after a significant move the previous day. LIC, however, saw major buying activity, pushing the stock to cross its listing price, registering a gain of over 4%. Hind Copper and NALCO also experienced gains following the government's agreement for a lithium deal.

Polycab continued its winning streak, extending gains ahead of earnings and marking a 9% increase in just two days. In contrast, Jio Financial Services closed with a 7% cut after reporting an in-line set of earnings.

The overall market breadth favored declines, with the advance-decline ratio at 1:2, indicating a mixed sentiment among investors. As profit booking and sector-specific movements dominated the day, market participants will closely watch for cues and trends in the upcoming sessions.