Mumbai, May 7: The Indian stock market concluded the trading session flat on Thursday, following a day of volatility amid hopes for a ceasefire between the U.S. and Iran. Both major indices initially rose but later slipped back to near their previous closing levels.
At the close, the BSE Sensex fell by 114 points, or 0.15%, settling at 77,844.52. Meanwhile, the NSE Nifty50 dropped by 4.30 points, or 0.02%, to finish at 24,326.65.
During the day, the Sensex opened at 78,339.24, reaching an intraday high of 78,384.70 and a low of 77,713.21. The Nifty opened at 24,398.50, hitting an intraday high of 24,482.10 and a low of 24,284.
Broader markets outperformed the major benchmarks, with the Nifty Midcap 100 index rising by 1.10% and the Nifty Smallcap 100 index gaining 0.87%.
Sector-wise, the Nifty Consumer Durable, Nifty IT, Nifty FMCG, and Nifty PSU Bank indices showed weak performance. In contrast, the Nifty Auto, Nifty Realty, Nifty Private Bank, Nifty Metal, Nifty Media, and Nifty Healthcare indices performed better.
In the Nifty 50 pack, shares of HDFC Life, Bajaj Auto, M&M, Grasim, NTPC, Apollo Hospital, Hindalco, Kotak Bank, and ONGC closed higher, with gains ranging from 1% to 3.5%. Conversely, shares of HUL, TCS, Titan, Tech Mahindra, ITC, Sun Pharma, and Coal India experienced declines.
On Thursday, the total market capitalization of BSE-listed companies rose from ₹473 trillion to ₹475 trillion, indicating that investors gained approximately ₹2 trillion in a single day.
From a technical perspective, experts suggest that the 24,400-24,500 range currently serves as a strong resistance level for the Nifty. If the Nifty can maintain its position above this level, the market may see a resurgence, potentially pushing the index towards 24,600 or higher. Conversely, the 24,100-24,000 range remains a crucial support zone. Should selling pressure increase, this level could provide necessary support.
Experts indicate that the market’s direction will largely depend on news related to the Gulf region in the coming days, particularly Iran’s response to the U.S. peace proposal and the potential reopening of the Strait of Hormuz, which will likely dictate market fluctuations.
In the meantime, global crude oil prices have seen a significant decline, with Brent crude futures trading down by 2.32% at $99.92 per barrel.
Additionally, the Indian rupee strengthened against the U.S. dollar, trading around ₹94.24, gaining about 15 paise. Improved sentiment surrounding U.S.-Iran talks has bolstered investors’ risk appetite.
Leave a Comment