Sensex, Nifty End Flat Amid Mixed Sector Trends, Auto Stocks And Midcaps Continue To Shine
Indian stock markets ended largely flat on Thursday as weakness in IT and FMCG shares offset gains in auto stocks. While benchmark indices remained under pressure, broader markets performed strongly. Investors closely tracked developments in the Gulf region and falling crude oil prices, which supported market sentiment during the session.
Indian stock markets ended largely flat on Thursday as weakness in IT and FMCG shares offset gains in auto stocks. | File Pic
Mumbai: Indian equity benchmark indices ended marginally lower on Thursday after trading in a narrow range throughout the session. Investors remained cautious ahead of fresh global developments, especially around the Gulf region and oil prices.
The BSE Sensex fell 114 points, or 0.15%, to close at 77,844.52. The NSE Nifty50 index slipped 4.30 points, or 0.02%, to settle at 24,326.65.
Market experts said the Nifty continues to face resistance in the 24,400–24,500 zone. According to analysts, a strong breakout above these levels could help the index move towards the 24,600 mark in the coming sessions.
On the downside, the 24,100–24,000 range is expected to act as an important support zone for the market.
IT, FMCG Stocks Weigh On Markets
Some heavyweight stocks from the IT and FMCG sectors dragged the benchmark indices lower. Hindustan Unilever, Tata Consultancy Services (TCS) and Titan Company were among the top losers on the Nifty during the session.
Sector-wise, Nifty IT, Nifty FMCG and Nifty Consumer Durable indices underperformed due to selling pressure in select large-cap stocks.
However, the Nifty Auto index emerged as the top sectoral gainer as investors showed buying interest in automobile companies.
Broader Markets Continue Strong Performance
Despite the flat closing in benchmark indices, broader markets remained positive. Midcap and smallcap stocks continued to outperform the main indices.
The Nifty MidCap index rose 1.20%, while the Nifty SmallCap index gained nearly 1%.
Analysts said investors are still finding opportunities in broader markets even as benchmark indices remain range-bound.
Crude Oil Falls, Rupee Gains Strength
Global crude oil prices witnessed a sharp decline after reports suggested progress in talks between the United States and Iran. Brent crude futures dropped 2.74% to around $98.50 per barrel after reports indicated that both countries may reach an agreement to ease tensions and gradually reopen the Strait of Hormuz.
The Indian rupee also strengthened against the US dollar. The rupee traded near 94.24 per dollar and gained around 15 paise during the session as improving global sentiment supported risk appetite in financial markets.
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