Sensex, Nifty Close Nearly Flat as West Asia Tensions Weigh on Markets
MUMBAI — Indian benchmark equity indices ended marginally lower Thursday as losses in IT, FMCG and financial stocks weighed on investor sentiment while traders continued to monitor geopolitical tensions in West Asia.
The Nifty closed at 23,654.70, down 4.30 points, or 0.02 percent. The Sensex fell 135.03 points, or 0.18 percent, to end at 75,183.36.
Market analysts said 23,700, followed by 23,800, remains the immediate resistance zone for the Nifty, where selling pressure could stay elevated.
“Above this, 24,000 remains the major psychological resistance and a strong Call OI wall aligned with the previous swing high,” an analyst said.
On the downside, analysts said the 23,500 to 23,600 range remains a key support zone.
“Below this, 23,300 remains an important support level backed by strong Put OI concentration and previous buying demand,” an analyst said.
Bajaj Finance, Infosys and Tech Mahindra were among the top laggards on the Sensex. On the Nifty, Bajaj Finance, Tech Mahindra and Hindustan Unilever were among the major losers.
Broader markets were mixed. The Nifty MidCap index ended 0.04 percent lower, while the Nifty SmallCap index outperformed the benchmarks and gained 0.63 percent.
Among sectors, Nifty FMCG, Nifty IT and Nifty Financial Services posted the sharpest declines. Realty and cement stocks outperformed the broader market, with the Nifty Cement index rising more than 2 percent by the close.
“Looking ahead, the near-term trajectory hinges on the RBI’s June policy decision, progress in US-Iran talks, and the stability of key growth indicators and the rupee,” an analyst said.
The rupee recovered sharply to around 96.15, gaining about 65 paise, or 0.68 percent, as short covering emerged after the currency had touched near 97 in the previous session.
The India VIX, a measure of market volatility, eased 3.5 percent to 17.80. Analysts said further cooling in volatility could provide some comfort to bullish investors. (Source: IANS)
