New Delhi, Jan 18 (IANS): Nifty continued its downward trend amid selling pressure in HDFC Bank and weak global cues, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said.

The index closed on Thursday with a loss of 110 points at 21,462. Sector wise, it was a mixed bag with buying seen in Pharma, Oil & Gas, Realty, and PSU Bank, he said.

Strong retail sales data in the US, along with hawkish comments by US Fed speakers spooked investors globally.

"We expect the market to consolidate in a range with limited upside amid a global uncertain environment. Tomorrow (Friday), Nifty heavyweights like Reliance, HUL, and Ultratech will announce their results which could drive the index on either side," he said.

At closing, the Indian benchmark indices closed on negative note. The Sensex was down 313 points, or 0.44 per cent, at 71,186 at the closing, said Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

On Thursday, the market concluded in the red, as investors are reducing their bets on quick Fed cuts as a consequence of robust US retail sales and the ensuing increase in global bond rates. Moreover, interruptions in global shipping and petroleum production have been brought about by increases in oil prices and the potential of rate escalation.

LTIMindtree, HDFC Bank, NTPC, Titan Company, and Asian Paints were among the top Nifty losses; winners were Sun Pharma, Cipla, Tech Mahindra, Tata Motors, and Axis Bank.