Stock market today: The domestic equity market ended in the red on Thursday amid selling in the majority of sectors. The S&P BSE Sensex settled at 62,848.64, down 294 points, or 0.47 per cent while the NSE's Nifty ended at 18,634.55, down 92 points, or 0.49 per cent. Earlier in the day, the monetary policy committee (MPC) of the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5 per cent, in line with street expectations. The central bank also maintained the status quo on the stance of "withdrawal of accommodation. 

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"A sharp correction in the last hour's trade pulled down the Sensex below the 63,000 mark, as real estate shares faltered sharply after the recent upsurge. While the rate hike pause by the MPC was on expected lines, subdued commentary by the RBI on inflation for this fiscal year dampened the sentiment. Technically, on daily charts, the Nifty has formed a long bearish candle, which indicates further weakness from the current levels. However, the medium-term formation of the index is still on the bullish side. For traders, as long as the index is trading below 18,725, the technical correction is likely to continue. Below this, the market could slip to 18,600–18,550. Contra traders can take a long bet near 18,550 with a strict stop loss at 18,520," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

BROADER MARKET

The S&P BSE MidCap index ended 0.87 per cent lower at 27,510.70 levels while the S&P BSE SmallCap index settled at 31,385.13, down 0.47 per cent. 

BUZZING STOCKS

Shares of Indian Energy Exchange (NSE: IEX) tumbled 9 per at the end of the session on Thursday after the Central Electricity Regulatory Commission (CERC) introduced the ‘market coupling’ mechanism for spot power trading. At the time of filing this report, shares of IEX had slipped 7.87 per cent at Rs 137 apiece. Besides, oil marketing companies (OMCs) such as Indian Oil Corporation Limited (IOC), Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL) shares slipped in trade amid reports that the possibility of the imposition of windfall gain tax again on petrol and diesel has lessened.

SECTOR WATCH

All the sectoral indices barring industrials, metals and capital goods, ended in the red on the BSE. Realty stocks slipped the most. The S&P BSE Realty index ended 1.51 per cent lower at 3,990.31 levels.