Mumbai — Indian benchmark stock indexes ended mixed Thursday, with the Nifty extending its losing streak to a third consecutive session as weakness in metal and other heavyweight stocks pressured the market.
The Sensex rose 113.61 points, or 0.15%, to close at 78,079.96, while the Nifty declined 40.10 points, or 0.16%, to settle at 24,395.85. Trading remained largely range-bound as investors maintained a cautious stance.
Analysts said the Nifty is approaching an important technical support level near 24,325, where its 20-day simple moving average aligns with the 38.2% Fibonacci retracement level.
“As long as the 24,325 support remains intact, the broader uptrend is likely to resume, with the index expected to retest the immediate resistance around 24,775,” an analyst said.
A sustained move above that level could push the index toward 24,900, the analyst added.
Selling in major stocks weighed on the market, with Hindalco Industries, UltraTech Cement and Grasim Industries among the biggest Nifty losers.
Broader markets performed better than the benchmark indexes. The Nifty MidCap index gained 0.15%, while the Nifty SmallCap index rose 0.27%.
Among sectors, the Nifty Metal index was the weakest performer, falling more than 1% as metal shares came under pressure. The Nifty Chemical index led sectoral gains.
Market participants remained cautious amid uncertainty surrounding energy prices, geopolitical developments and foreign investment flows.
“In the near term, market direction is likely to be shaped by developments in energy markets, geopolitical risks and the sustainability of foreign capital inflows,” a market expert said.
The Indian rupee also weakened during the session as strong demand for the U.S. dollar from importers pressured the currency.
“In the near term, spot USDINR is expected to head higher with support at 95.10 and resistance at 95.60,” an analyst said. (Source: IANS)
