Indian benchmark indices ended the day nearly unchanged on Thursday, with the Nifty closing at 24,326.65, down 0.02%, and the Sensex settling at 77,844.52, a 0.15% decline. Analysts noted that the 24,400–24,500 range acts as a crucial resistance zone, with a breakout potentially pushing levels above 24,600. Conversely, the 24,100–24,000 range serves as a key support area against selling pressure.
Hindustan Unilever, Tata Consultancy Services, and Titan Company were among the top drags on the Nifty, impacting the frontline indices negatively. Despite this, broader markets performed well, with the Nifty MidCap index rising by 1.20% and the Nifty SmallCap index by 0.97%. In sectoral performance, Nifty Auto emerged as the top gainer, while Nifty Consumer Durable, Nifty IT, and Nifty FMCG indices lagged behind.
Market sentiment remains sensitive to geopolitical developments, particularly in the Gulf region, with a focus on Iran’s response to the U.S. peace proposal and the potential reopening of the Strait of Hormuz. Global crude oil prices saw a significant drop, with Brent crude futures falling to $98.50 per barrel amid reports of a possible agreement between the U.S. and Iran to ease tensions in the region.
The rupee strengthened against the dollar, trading near 94.24, a gain of approximately 15 paise, supported by positive sentiment surrounding the U.S.–Iran talks and improving risk appetite.
