Mumbai: Indian benchmark indices ended largely flat on Thursday after trading in a narrow range throughout the session, even as broader markets outperformed and auto stocks witnessed buying interest.
The Nifty slipped 4.30 points, or 0.02 per cent, to close at 24,326.65, while the Sensex declined 114 points, or 0.15 per cent, to settle at 77,844.52.
Commenting on technical outlook, experts said that technically, the 24,400–24,500 zone continues to act as an immediate resistance band, and a sustained breakout above this range could revive momentum toward the 24,600+ levels.
“On the downside, the 24,100–24,000 zone remains a key support area, which is expected to provide stability in case of renewed selling pressure,” an analyst stated.
Among the top drags on the Nifty were Hindustan Unilever, Tata Consultancy Services, and Titan Company, which weighed on the frontline indices.
Despite the muted performance in benchmark indices, broader markets remained upbeat. The Nifty MidCap index advanced 1.20 per cent, while the Nifty SmallCap index gained 0.97 per cent.
On the sectoral front, the Nifty Consumer Durable, Nifty IT, and Nifty FMCG indices underperformed, whereas the Nifty Auto index emerged as the top sectoral gainer during the session.
“In the near term, markets will remain highly sensitive to headline risk with volatility contingent on developments out of the Gulf, most critically Iran’s response to the U.S. peace proposal and the potential reopening of the Strait of Hormuz,” an analyst stated.
Meanwhile, global crude oil prices witnessed a sharp decline. Brent crude futures dropped 2.74 per cent to $98.50 per barrel after reports suggested that the US and Iran had reached an agreement aimed at ending the blockade, paving the way for the gradual reopening of the Strait of Hormuz.
“Rupee traded stronger near 94.24 against the dollar, gaining around 15 paise, as improving sentiment around ongoing US–Iran talks supported risk appetite.
(IANS)
