Sensex, Nifty Close Slightly Lower as Broader Markets Outperform
MUMBAI — Indian benchmark indices ended marginally lower Thursday after moving in a narrow range through the session, even as broader markets outperformed and auto stocks drew buying interest.
The Nifty slipped 4.30 points, or 0.02%, to close at 24,326.65. The Sensex fell 114 points, or 0.15%, to settle at 77,844.52.
Market analysts said the 24,400 to 24,500 range continues to act as an immediate resistance zone for the Nifty. A sustained breakout above that level could revive momentum toward 24,600 and higher levels.
“On the downside, the 24,100–24,000 zone remains a key support area, which is expected to provide stability in case of renewed selling pressure,” an analyst said.
Hindustan Unilever, Tata Consultancy Services and Titan Company were among the top drags on the Nifty, weighing on the frontline indices.
Despite the muted finish for the benchmark indices, broader markets remained positive. The Nifty MidCap index advanced 1.20%, while the Nifty SmallCap index gained 0.97%.
Among sectors, Nifty Consumer Durables, Nifty IT and Nifty FMCG underperformed. Nifty Auto emerged as the top sectoral gainer during the session.
“In the near term, markets will remain highly sensitive to headline risk with volatility contingent on developments out of the Gulf, most critically Iran’s response to the U.S. peace proposal and the potential reopening of the Strait of Hormuz,” an analyst said.
Global crude oil prices declined sharply. Brent crude futures dropped 2.74% to $98.50 per barrel after reports suggested the U.S. and Iran had reached an agreement aimed at ending the blockade and gradually reopening the Strait of Hormuz.
The rupee also strengthened, trading near 94.24 against the dollar and gaining around 15 paise as improving sentiment around U.S.-Iran talks supported risk appetite. (Source: IANS)
