Benchmark equity indices ended largely flat on Thursday as gains in information technology stocks were offset by weakness in banking and financial shares following quarterly earnings, while escalating tensions in the Middle East continued to keep investor sentiment cautious.
The S&P BSE Sensex edged up by just 1.44 points to close at 77,186.87, while the NSE Nifty50 slipped 5.75 points, or 0.02 per cent, to settle at 24,072.75.
The markets remained in positive territory for most of the trading session, supported by strength in IT stocks. However, selling pressure in financial and banking counters during the latter half of the day erased most of the gains, resulting in a muted close.
Investor sentiment also remained subdued due to the ongoing US-Iran conflict, despite a modest decline in crude oil prices. At 3:30 pm IST, Brent crude was trading 0.47 per cent lower at $84.55 per barrel, while WTI crude declined 0.24 per cent to $79.41 per barrel.
IT outperforms as financials drag
The Nifty IT index emerged as one of the best-performing sectoral indices, advancing 0.67 per cent, led by gains in HCLTech, Tech Mahindra, TCS and Infosys.
Other sectors that ended higher included:
Nifty Media: +1.18%
Consumer Durables: +1.48%
Chemicals: +1.41%
Financial stocks, however, remained under pressure.
The Nifty Financial Services Ex-Bank index declined 1.17 per cent, while the MidSmall Financial Services index fell 1.53 per cent. The broader Financial Services index lost 0.71 per cent, and the Realty index declined 0.98 per cent. Both the Private Bank and PSU Bank indices also ended in negative territory.
The broader market delivered a mixed performance.
Nifty 100: -0.08%
Nifty 200: -0.15%
Nifty 500: -0.13%
Nifty Midcap 100: -0.41%
Nifty Smallcap 100: -0.10%
Meanwhile, the India VIX, which measures market volatility, eased 2.92 per cent to 12.88.
Top gainers and losers
Among the Sensex constituents, InterGlobe Aviation emerged as the top gainer, rising 1.81 per cent.
Other notable gainers included:
HCLTech (+1.73%)
Bajaj Finance (+1.57%)
Maruti Suzuki (+1.42%)
Mahindra & Mahindra (+1.30%)
Tech Mahindra (+1.15%)
ITC (+1.05%)
Titan (+1.04%)
On the downside, Eternal was the biggest loser, falling 2.82 per cent.
Other notable decliners included:
BEL (-1.00%)
Bajaj Finserv (-0.96%)
HDFC Bank (-0.86%)
NTPC (-0.54%)
Trent (-0.41%)
Axis Bank (-0.34%)
The Indian rupee weakened 0.1 per cent against the US dollar to close at 96.345. Despite softer crude oil prices and strength in regional currencies, the domestic currency remained under pressure due to dollar demand linked to maturing non-deliverable forward (NDF) contracts.
Market remains in consolidation mode
According to Riyank Arora, Associate Vice President – HNI & Derivatives at Hedged.in, the market is currently undergoing a phase of consolidation following recent volatility.
He noted that benchmark indices traded within a narrow range throughout the session, with stock-specific activity dominating market action while the broader trend remained stable.
Arora said the Nifty 50 continues to hold above the 24,000 mark, with immediate support in the 24,000–23,950 range, followed by 23,850. On the upside, resistance is seen between 24,200 and 24,300, with a sustained move above this zone likely to trigger fresh buying interest.
For the Sensex, he identified immediate support between 77,000 and 76,800, while resistance is placed in the 77,500–77,700 range. A decisive breakout above these levels, he said, could strengthen the prevailing bullish trend.
Overall, Arora believes the market remains in a consolidation phase, with benchmark indices holding above crucial support levels. As long as these levels remain intact, the broader outlook remains constructive, and traders may continue to adopt a buy-on-dips approach while maintaining disciplined risk management.
