Sensex, Nifty Trade Flat With Marginal Gains As US-Iran Sign Peace MoU
After four straight sessions of gains, Indian benchmark indices traded largely flat on Thursday. The Sensex briefly rose 0.2 percent above its previous close, while the Nifty posted modest gains as investors reacted to the easing geopolitical tensions following a peace memorandum between the United States and Iran
After a bull run for four consecutive sessions, Indian benchmark indices slowed their momentum and traded with marginal gains on Thursday.
The BSE Sensex opened 24 points lower at 77,131, compared to its previous close of 77,155. The 30-share benchmark later climbed to an intraday high of 77,320, up 0.2 percent from the previous closing level.
The NSE Nifty opened 12 points lower at 24,073 against its previous close. The 50-share index later rose to 24,139, gaining 54 points over the previous session.
Market breadth remained positive. Out of 3,107 stocks traded on the National Stock Exchange, 1,832 advanced while 1,165 declined.
Among the Nifty 50 gainers, Max Healthcare emerged as the top performer with a gain of more than 5.6 percent. Trent remained among the biggest gainers for the second consecutive day.
Automobile stocks also featured prominently among the gainers. Eicher Motors rose 1.4 percent, while Tata Motors gained 0.4 percent. Mahindra & Mahindra also traded in positive territory.
On the losing side, information technology stocks led the declines. Infosys fell nearly 2 percent, making it the biggest loser in the Nifty 50 pack. Tata Consultancy Services declined 0.9 percent, while Tech Mahindra and Wipro slipped 0.7 percent and 0.2 percent, respectively.
Among sectoral indices, Nifty Consumer Durables was the biggest loser, falling around 0.6 percent. Only four of the 21 sectoral indices traded in the red, while gains across the remaining sectors remained modest.
Nifty Media was the top-performing sectoral index, rising 1.2 percent. It was followed by Nifty Healthcare.
The muted market performance came despite a significant easing in geopolitical tensions. The United States and Iran signed a peace memorandum that included the reopening of the Strait of Hormuz, an end to military hostilities, and commitments related to Iran's nuclear programme. Investors, however, remained cautious as they assessed the broader implications of the agreement.
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