MUMBAI— Indian stock markets closed modestly lower on Thursday after a volatile session, managing to avert a major sell-off despite fresh U.S. tariffs on Indian goods. The downturn was cushioned by strong buying interest in fast-moving consumer goods (FMCG) stocks.
The BSE Sensex ended the day at 81,185.58, down 296.28 points or 0.36 percent. The 30-share index had opened sharply lower at 80,695.50, following Wednesday’s close of 81,481.86. It later rebounded, touching an intraday high of 81,803.27 in the afternoon, buoyed by gains in the consumer sector. However, momentum faded in the final hour due to monthly derivatives expiry pressures.
The NSE Nifty closed at 24,768.35, slipping 86.70 points or 0.35 percent.
Analysts credited India’s relative economic strength for the market’s ability to weather global headwinds. “Investors gravitated toward domestically oriented, non-discretionary players, especially FMCG, which offered attractive valuations, strong demand outlook, and relative insulation from tariff risks,” analysts noted.
Top laggards on the Sensex included Tata Steel, Sun Pharma, NTPC, Reliance, Asian Paints, L&T, and Titan. On the flip side, Hindustan Unilever, Eternal, ITC, and Kotak Mahindra Bank ended in the green.
Broader markets also faced selling pressure. The Nifty 100 dropped 95 points (0.38 percent), the Nifty Midcap 100 fell 541 points (0.93 percent), and the Nifty Smallcap 100 lost 190 points (1.05 percent).
The Nifty FMCG index bucked the trend, surging 791 points or 1.44 percent. Hindustan Unilever led the gains after posting solid Q1 earnings, sparking strong buying interest in the sector.
Other sectoral indices closed in the red: Nifty Auto slipped 89 points, Nifty IT fell 180 points, and Nifty Bank declined by 188 points.
Despite the volatility and geopolitical concerns, the market showed signs of resilience and selective buying, especially in defensive sectors. (Source: IANS)
