Benchmark stock market indices ended on a subdued note on Thursday as gains in information technology stocks were offset by weakness in financial and banking shares following quarterly earnings, while escalating tensions in the Middle East kept investor sentiment cautious.
The S&P BSE ended almost unchanged, rising just 1.44 points to close at 77,186.87. The NSE Nifty50 slipped 5.75 points, or 0.02%, to settle at 24,072.75.
Markets traded in positive territory for most of the session, supported by a rebound in IT stocks. However, selling in financials and banks erased most of the gains in the latter half of the day, limiting the upside.
The ongoing US-Iran conflict also remained an overhang on investor sentiment despite a slight decline in crude oil prices. As of 3:30 pm IST, Brent crude was down 0.47% at $84.55 per barrel, while WTI crude slipped 0.24% to $79.41 per barrel.
The Nifty IT index emerged as one of the top-performing sectoral indices, rising 0.67%, supported by gains in HCLTech, Tech Mahindra, TCS and Infosys. Nifty Media advanced 1.18%, Consumer Durables gained 1.48% and Chemicals rose 1.41%.
However, financial stocks remained under pressure. Nifty Financial Services Ex-Bank declined 1.17%, MidSmall Financial Services fell 1.53%, Financial Services slipped 0.71%, while Realty lost 0.98%. Private Bank and PSU Bank indices also ended lower.
The broader market ended mixed. The Nifty 100 slipped 0.08%, Nifty 200 declined 0.15%, Nifty 500 fell 0.13%, while the Nifty Midcap 100 lost 0.41%. The Nifty Smallcap 100 was down 0.10%. India VIX eased 2.92% to 12.88.
Among Sensex constituents, InterGlobe Aviation topped the gainers with a rise of 1.81%, followed by HCLTech (1.73%), Bajaj Finance (1.57%), Maruti Suzuki (1.42%), Mahindra & Mahindra (1.30%), Tech Mahindra (1.15%), ITC (1.05%) and Titan (1.04%).
On the losing side, Eternal was the biggest laggard, declining 2.82%. BEL fell 1.00%, Bajaj Finserv lost 0.96%, HDFC Bank slipped 0.86%, NTPC declined 0.54%, Trent fell 0.41% and Axis Bank dropped 0.34%.
The rupee weakened 0.1% against the US dollar to close at 96.345. Despite softer crude prices and strength in regional currencies, the domestic unit remained under pressure due to dollar demand linked to maturing non-deliverable forward contracts.
Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in, said the market is currently consolidating after recent volatility.
“Indian equity markets ended on a largely flat note in today’s session as benchmark indices traded within a narrow range. The market witnessed stock-specific action, while the broader trend remained stable with indices holding above key support levels.
“Nifty 50 closed at 24,081.50, up 3.00 points (+0.01%). The index continues to trade above the 24,000 mark, with immediate support placed around 24,000–23,950, followed by 23,850. On the upside, resistance is seen near 24,200–24,300. A sustained move above this zone could attract fresh buying momentum.
“BSE Sensex settled at 77,251.08, up 65.65 points (+0.09%). Immediate support is placed around 77,000–76,800, while resistance is seen near 77,500–77,700. A breakout above this range could strengthen the ongoing bullish trend.
“Overall, the market is witnessing a phase of consolidation after recent volatility, with benchmark indices continuing to hold above their crucial support levels. As long as these levels remain intact, the broader outlook stays constructive. Traders may continue to adopt a buy-on-dips strategy while maintaining disciplined risk management.”
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