The domestic market fell for the fourth straight session as lenders pared most of their early gains to close lower along with software exporters while select energy and auto stocks made a comeback ahead of US Federal Reserve Chair Janet Yellen’s testimony to the US Congress today. Yellen is likely to speak on the possible impact of US president-elect Donald Trump’s policies and the outlook for inflation.

Though buying interest in select index majors pushed the index higher in the middle, it failed to hold at a higher level and again retraced to the day’s low in the end.

Nifty closed with a loss of 32 points at 8,080, while BSE Sensex ended today’s trading with a loss of mere 71 points at 26,228.

On the global front, a drop in oil prices weighed on Asian markets on Thursday. Chinese shares headed for their third successive session of losses apprehending that the US Fed will raise rates in December. The Shanghai Composite index and Hong Kong’s Hang Seng index closed marginally lower. Nikkei 225 closed in green.

In Europe, the FTSE 100 was trading up by 0.2%. DAX and the CAC 40 were trading in red.

Lupin Ltd closed marginally higher on the BSE. The company announced that its US subsidiary, Gavis Pharmaceuticals LLC., U.S.A. (collectively Lupin) has received final approval for its Hydrocodone Bitartrate and Acetaminophen Tablets USP from the USFDA to market a generic equivalent of Mikart, Inc’s Hydrocodone Bitartrate and Acetaminophen Tablets.

IT stocks dropped 1.4% on the BSE after Nasscom said on Wednesday that India’s software services industry will grow at a slower pace than estimated earlier. Nasscom now expects the IT exports to grow between 8% to 10% in the current fiscal, slower than the earlier projection of 10 to 12%. TCS tanked 2.5%, HCL Tech and Wipro closed down 1.5% each, while Infosys slipped 1.3%.

Bharti Airtel dropped 4.3%. Bharti Airtel announced completion of the merger of its subsidiary Bangladesh telecom unit with Robi Axiata Limited.

Greenply Industries jumped 6%. The company informed on BSE that MSCI has announced changes to its constituents for the MSCI Global Small Cap Indices as part of the change. Change in constituents for the MSCI Global Small Cap indices will take place at the close of November 30, 2016.

Indraprastha Gas rose 2.2%. The company posted a net profit of Rs 144 crore for the quarter ended September 30, 2016 as compared to Rs 102 crore for the quarter ended September 30, 2015.

Voltas fell 7.8%. The company reported 7% increase in consolidated net profit at Rs 72 crore for the quarter ended on September 30, 2016. It had posted a net profit of Rs 67 crore in the July-September quarter a year ago.

Shipping Corporation of India tanked 8% after the company posted standalone net loss of Rs 20 crore for the second quarter ended September 30, 2016-17. The company had posted standalone net profit of Rs 162 crore in the July-September quarter of the 2015-16 fiscal.

Engineers India soared 2.6% to Rs 265. Engineers India reported a 21% jump in net profit in the September quarter at Rs 94 crore as compared to Rs 77 crore in the same period a year before, and declared a 1:1 bonus share.

Axis Bank advanced 0.50% to Rs 474. The bank has cut marginal cost of fund-based lending rate (MCLR) by 0.15-0.20%.

The rupee was trading up 13 paise at 67.81 per US dollar.

Out of 1,506 stocks traded on the NSE, 999 declined and 471 advanced today. The BSE Midcap and Smallcap indices ended up.

Top 5 Nifty Gainers: Bharti Airtel (1.91%), Asian Paints (1.28%), BHEL (0.79%), ONGC (0.73%) and Lupin Ltd (0.71%).

Top 5 Nifty Losers: ITC Ltd (-1.44%), Tata Motors (-0.36%), Tata Steel (-0.24%) and Maruti Suzuki (-0.16%)

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