Mumbai — Indian benchmark stock indexes closed marginally higher Thursday after late-session selling erased much of their earlier gains, with information technology, metal, oil and gas shares weighing on the market.
The Nifty 50 gained 34.35 points, or 0.14 percent, to close at 24,056, while the Sensex rose 109.25 points, or 0.14 percent, to 77,100.47.
Both indexes had posted stronger gains earlier in the session before profit-taking in several sectors reduced their advances toward the close.
Selling in heavyweight stocks from the IT, metals, and oil and gas sectors pressured the market. Oil and Natural Gas Corp., Power Grid Corp. of India and Hindalco Industries were among the biggest decliners on the Nifty.
The broader market underperformed the benchmarks, with the Nifty MidCap index falling 0.55 percent and the Nifty SmallCap index declining 0.47 percent.
Among sectoral indexes, the Nifty Metal index recorded the steepest losses, followed by the Nifty IT and Nifty Oil and Gas indexes.
Auto and consumer goods stocks provided support, with the Nifty Auto and Nifty FMCG indexes outperforming other sectors and helping the benchmarks remain in positive territory.
Analysts said the sharp reduction in intraday gains reflected continued caution among investors as sector-specific weakness and profit-taking affected the broader market.
“While a sharp decline in crude oil prices supported the rupee and provided some cushion, it was insufficient to sustain upward momentum,” a market expert said.
“In the near term, sentiment may be influenced by a muted Q1 earnings outlook and an uneven monsoon, which should be monitored going forward,” an analyst mentioned. (Source: IANS)
