Sensex, Nifty End Slightly Higher as Late Selling Trims Gains
Mumbai — Indian benchmark stock indexes closed marginally higher Thursday after late-session selling erased much of their earlier gains amid weakness in information technology, metals, oil and gas shares.
The Nifty 50 rose 34.35 points, or 0.14%, to close at 24,056, while the Sensex gained 109.25 points, or 0.14%, to finish at 77,100.47.
Both indexes had traded significantly higher earlier in the session before profit-taking in several sectors reduced their advances.
Information technology, metals and oil and gas stocks were among the biggest drags on the market. Oil and Natural Gas Corp., Power Grid Corp. of India and Hindalco Industries were the leading decliners on the Nifty.
Broader markets underperformed the major indexes. The Nifty MidCap index fell 0.55%, while the Nifty SmallCap index declined 0.47%.
The Nifty Metal index led sectoral losses, followed by the Nifty IT and Nifty Oil and Gas indexes as investors booked profits. Auto and consumer goods stocks provided support, with the Nifty Auto and Nifty FMCG indexes outperforming other sectors.
Analysts said the loss of most intraday gains pointed to continued caution among investors, who remained selective amid sector-specific weakness and profit-taking in mid- and small-cap stocks.
“While a sharp decline in crude oil prices supported the rupee and provided some cushion, it was insufficient to sustain upward momentum,” a market expert said.
“In the near term, sentiment may be influenced by a muted Q1 earnings outlook and an uneven monsoon, which should be monitored going forward,” an analyst mentioned. (Source: IANS)
