MUMBAI, India — Indian benchmark equity indices ended nearly flat Thursday, with losses in IT, FMCG and financial stocks weighing on sentiment as investors continued to monitor geopolitical tensions in West Asia.
The Nifty slipped 4.3 points, or 0.02%, to close at 23,654.7. The Sensex fell 135.03 points, or 0.18%, to finish at 75,183.36.
Market analysts said the 23,700 to 23,800 range remains the immediate resistance zone for the Nifty, where selling pressure could stay elevated.
“Above this, 24,000 remains the major psychological resistance and a strong Call OI wall aligned with the previous swing high,” an analyst stated.
On the downside, analysts said the 23,500 to 23,600 range remains a key support zone for the index.
“Below this, 23,300 remains an important support level backed by strong Put OI concentration and previous buying demand,” an analyst mentioned.
Bajaj Finance, Infosys and Tech Mahindra were among the top losers on the Sensex. On the Nifty, Bajaj Finance, Tech Mahindra and Hindustan Unilever were among the major laggards.
The broader market was mixed. The Nifty MidCap index ended 0.04% lower, while the Nifty SmallCap index outperformed the benchmarks, closing 0.63% higher.
Among sectors, FMCG, IT and financial services saw the sharpest declines. Realty and cement stocks outperformed, with the Nifty Cement index rising more than 2% by the close.
“Looking ahead, the near-term trajectory hinges on the RBI’s June policy decision, progress in US-Iran talks, and the stability of key growth indicators and the rupee,” an analyst stated.
The rupee recovered sharply to 96.15, gaining about 65 paise, or 0.68%, as short covering emerged after the currency had touched near 97 in the previous session.
The volatility index, INDIAVIX, eased 3.5% to 17.80. Analysts said any further decline in volatility could provide some support to bullish sentiment. (Source: IANS)
