MUMBAI — Indian benchmark stock indexes ended slightly lower Thursday after trading in a narrow range, even as broader markets gained and auto stocks attracted buying interest.
The Nifty slipped 4.30 points, or 0.02 percent, to close at 24,326.65. The Sensex fell 114 points, or 0.15 percent, to settle at 77,844.52.
Analysts said the 24,400-to-24,500 range remains an immediate resistance zone for the Nifty. A sustained move above that level could revive momentum toward 24,600 and higher. On the downside, analysts said the 24,100-to-24,000 range remains a key support area and could help stabilize the market if selling pressure returns.
Hindustan Unilever, Tata Consultancy Services and Titan Company were among the biggest drags on the Nifty, weighing on the frontline indexes.
Despite the muted performance in the benchmarks, broader markets remained stronger. The Nifty MidCap index rose 1.20 percent, while the Nifty SmallCap index gained 0.97 percent.
Sector performance was mixed. Consumer durables, information technology and fast-moving consumer goods stocks underperformed, while the Nifty Auto index was the top sectoral gainer of the session.
Analysts said markets are likely to remain sensitive to headline risks in the near term, with volatility tied to developments in the Gulf, including Iran’s response to a U.S. peace proposal and the potential reopening of the Strait of Hormuz.
Global crude oil prices fell sharply. Brent crude futures declined 2.74 percent to $98.50 a barrel after reports indicated that the United States and Iran had reached an agreement aimed at ending the blockade and allowing a gradual reopening of the Strait of Hormuz.
The rupee also strengthened, trading near 94.24 against the dollar and gaining about 15 paise, as improved sentiment around U.S.-Iran talks supported risk appetite. (Source: IANS)
