Mumbai–Indian stock markets closed nearly unchanged Thursday as investors remained cautious amid geopolitical uncertainty, fluctuating crude oil prices and weakness across Asian markets.
The Sensex edged up 1.44 points to close at 77,186.87, while the Nifty slipped 5.75 points, or 0.02%, to 24,072.75.
During the session, the 30-stock Sensex rose as much as 394 points, or 0.51%, to an intraday high of 77,579.69. It also fell about 100 points, or 0.12%, to a low of 77,086.42.
The Nifty climbed more than 108 points, or 0.44%, to an intraday high of 24,186.50 before falling 28.5 points, or 0.11%, to a low of 24,050.
Consumer-oriented and sector-specific stocks outperformed the broader market. The Nifty Consumer Durables index led gains with a 1.48% increase, followed by Nifty Chemicals at 1.41%, Nifty Media at 1.18% and Nifty IT at 0.67%. The Nifty Auto index advanced 0.46%.
Financial stocks remained under pressure. The Nifty MidSmall Financial Services index declined 1.53%, while the Nifty Financial Services Ex-Bank index fell 1.17%. The Nifty Realty, PSU Bank and Private Bank indices also ended lower.
Among Nifty 50 companies, Eternal, SBI Life Insurance, Bajaj Finserv, Bharat Electronics, HDFC Bank, Shriram Finance, Cipla, Grasim Industries, NTPC and Apollo Hospitals Enterprise were among the biggest losers, falling as much as 3%.
Analysts said the market remained largely range-bound as investors assessed geopolitical risks, volatile oil prices and weak regional market trends.
Investors are expected to focus on first-quarter corporate earnings, management commentary and the progress of the monsoon. Global developments and inflation trends are also likely to influence market direction.
The Nifty attempted to extend gains toward 24,200 during the first half of the session, but selling pressure near that level limited the advance and led to a gradual pullback, analysts said.
They identified 24,200 as the index’s immediate resistance level. A sustained move above it could support gains toward the 24,300-to-24,400 range.
The 24,000 level is viewed as key support. Holding above it could preserve the broader recovery trend, while a decisive break below it could lead to renewed selling toward the 23,900-to-23,800 range. (Source: IANS)
