Sensex, Nifty Finish Nearly Flat as Strait of Hormuz Uncertainty Keeps Investors Cautious
Mumbai — Indian benchmark stock indexes ended marginally higher Monday after a largely range-bound session, as investors remained cautious amid uncertainty over efforts to reopen the Strait of Hormuz.
The Sensex gained 43.27 points, or 0.06%, to close at 78,542.44, while the Nifty rose 13.15 points, or 0.05%, to 24,583.80.
Selective buying in some sectors helped keep the market in positive territory, offsetting weakness in public-sector banks and consumer goods stocks. Investors largely adopted a wait-and-see approach as they monitored geopolitical developments that could affect crude oil prices and broader global risk sentiment.
Market analysts said the 24,600-24,700 range remains an important resistance zone for the Nifty. A sustained move above 24,700 could strengthen buying momentum and push the index toward 24,800.
On the downside, analysts identified 24,500 as an important near-term support level. A decisive fall below that mark could increase selling pressure and potentially pull the index toward the 24,400-24,300 range.
Among Nifty stocks, State Bank of India, ITC and Eternal were among the biggest laggards.
Performance in the broader market was mixed. The Nifty MidCap index gained 0.62%, while the Nifty SmallCap index declined 0.27%.
Public-sector banking stocks were the weakest sector of the session, with the Nifty PSU Bank index falling nearly 2%. The Nifty Pharma and Nifty FMCG indexes also closed lower.
Real estate shares moved in the opposite direction, with the Nifty Realty index emerging as the strongest sector during the session.
Analysts said the modest gains in the benchmarks, combined with the lack of a clear market direction, reflected continued caution among investors awaiting greater clarity on geopolitical developments and their potential effects on energy prices and economic growth.
Market participants are also turning their attention to the final stretch of the fiscal first-quarter earnings season, which analysts expect to drive both individual stock movements and broader market sentiment during the week. (Source: IANS)
