Indian Stocks Finish Flat as Geopolitical Concerns Weigh on Investors
Mumbai–Indian stock markets finished largely unchanged Thursday as investors remained cautious amid geopolitical uncertainty, volatile crude oil prices and weakness across Asian markets.
The Sensex gained 1.44 points to close at 77,186.87, while the Nifty fell 5.75 points, or 0.02%, to 24,072.75.
During the session, the 30-stock Sensex rose as much as 394 points, or 0.51%, to an intraday high of 77,579.69. It also touched a low of 77,086.42, about 100 points below its previous close.
The Nifty climbed more than 108 points, or 0.44%, to a high of 24,186.50 before falling to an intraday low of 24,050.
Consumer-oriented and select sectoral stocks outperformed the broader market. The Nifty Consumer Durables index led the gains with a 1.48% increase, followed by Nifty Chemicals, which rose 1.41%.
The Nifty Media index advanced 1.18%, Nifty IT gained 0.67% and Nifty Auto closed 0.46% higher.
Financial stocks remained under pressure. The Nifty MidSmall Financial Services index declined 1.53%, while the Nifty Financial Services Ex-Bank index fell 1.17%.
The Nifty Realty, Nifty PSU Bank and Nifty Private Bank indexes also ended lower.
Among Nifty 50 stocks, Eternal, SBI Life Insurance, Bajaj Finserv, Bharat Electronics, HDFC Bank, Shriram Finance, Cipla, Grasim Industries, NTPC and Apollo Hospitals Enterprise were among the biggest losers, falling as much as 3%.
Analysts said the market remained range-bound as investors assessed geopolitical developments, crude oil price swings and weak regional market trends.
Investors are expected to focus on June-quarter corporate earnings, management commentary and the progress of the monsoon. Global developments and inflation trends are also likely to influence market direction.
Technical analysts said the Nifty attempted to move above 24,200 during the first half of the session but encountered persistent selling near that resistance level.
A sustained move above 24,200 could push the index toward the 24,300-to-24,400 range, while 24,000 remains an important support level, analysts said.
Holding above 24,000 could preserve the broader recovery trend, while a decisive drop below it could trigger renewed selling toward the 23,900-to-23,800 range. (Source: IANS)
