Mumbai: Indian equity markets remained under pressure on Thursday, with the benchmark Nifty index slipping for the second consecutive session amid persistent selling across sectors.

The Nifty fell by 87 points to end the day at 25,509, marking its lowest close in three weeks. After opening marginally lower, the index attempted a brief recovery in early trade but quickly succumbed to renewed selling pressure. Trading activity picked up, with NSE cash market volumes rising by 10 per cent over the previous session.

Among the key performers, Asian Paints, Reliance Industries, and Ultratech Cement emerged as the top gainers in the Nifty basket, while Grasim, Hindalco, and Adani Enterprises were among the major laggards. Sectorally, Nifty IT and Auto indices managed modest gains, while Media, Metal, and Consumer Durables witnessed sharp declines.

The broader market also faced significant weakness, with the Nifty Midcap 100 down 0.95 per cent and the Nifty Smallcap 100 slipping 1.40 per cent. Market breadth remained fragile, as decliners heavily outnumbered advancers, pulling the BSE advance-decline ratio to 0.41 — its lowest level in six months.

In the currency market, the rupee ended slightly stronger, appreciating by 4 paise to close at 88.61 against the US dollar. Analysts attributed the limited gains to possible central bank intervention, which offset negative cues from weak service sector data and continued foreign outflows.

Commenting on the day’s performance, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the downtrend in the Nifty remained intact. “A long bear candle with a long upper shadow has formed on the daily chart, indicating a ‘sell on rise’ opportunity. Formation of upper shadows in the last 5-6 candles during downtrend signal presence of strong resistance on the rise,” he noted.

Shetti added that the market is now approaching a crucial support zone around 25,400, corresponding to the previous upside trendline resistance as per the change in polarity principle. Immediate resistance is seen at 25,700.

Echoing a cautious outlook, Nandish Shah, Deputy Vice President at HDFC Securities, said the Nifty closing below its 20-day exponential moving average for the second straight day suggests short-term weakness. “A decisive break below the 25,400–25,450 support range could trigger further downside, while 25,670 and 25,800 are expected to act as near-term resistance levels,” he said.

Overall, sentiment in the equity market remains cautious as investors weigh persistent global uncertainties, muted domestic cues, and technical weakness across key indices.