Indian frontline indices closed Thursday’s trading session with modest gains, as the opening rally fizzled out during the second half of the session, with investors appearing to lock in gains following the recent rally.
The markets opened with a fresh wave of optimism amid reports that the US will remove hefty tariffs on Indian goods, sending both Nifty and Sensex close to their record highs. However, profit booking dragged the indices thereafter, with the Nifty 50 erasing 213 points from the day’s high to settle with a minor gain of 0.09% at 25,891.
The S&P BSE Sensex also fell 732 points from the day’s high to finish the session with a gain of 0.16% at 84,558 points. The broader markets underperformed the frontline indices, with Nifty Midcap falling 0.1% and the Nifty Smallcap 100 index dropping 0.12%.
Globally, the resumption of trade tensions between China and the US has also made risky assets less appealing to investors and prompted them to book profits in select counters.
Sector-wise, Nifty IT led the charge, with the index surging 2.18%, followed by Nifty Media and Nifty FMCG, each gaining 0.34%. On the downside, Nifty Oil & Gas was the top laggard, dropping 0.67%, with Nifty Pharma following, down 0.13%.
(more to come)