Indian benchmark equity indices closed slightly down on Thursday due to losses in IT, FMCG, and financial stocks, impacting investor sentiment amid ongoing monitoring of the West Asia geopolitical situation. The Nifty settled at 23,654.7, slipping 0.02%, while the Sensex dropped 0.18% to close at 75,183.36.
Experts noted that the immediate resistance zone is at 23,700 followed by 23,800, where supply pressure may persist. They highlighted that 24,000 is a significant psychological resistance level with a strong Call OI wall aligned with the previous swing high.
Analysts pointed out that the 23,500–23,600 range serves as a crucial support zone, with 23,300 being an important support level backed by strong Put OI concentration and previous buying demand. Bajaj Finance, Infosys, and Tech Mahindra were among the top laggards on the Sensex, while Bajaj Finance, Tech Mahindra, and Hindustan Unilever were major losers on the Nifty index.
In the broader market, the Nifty MidCap index closed 0.04% lower, whereas the Nifty SmallCap index outperformed, ending 0.63% higher. The Nifty FMCG, Nifty IT, and Nifty Financial Services indices witnessed significant declines, while the Realty and Cement sectors outperformed the market. The Nifty Cement index surged over 2% by the end of the trading session, emerging as one of the strongest sectoral performers.
Analysts highlighted that the near-term market direction depends on the RBI’s June policy decision, progress in US-Iran talks, and the stability of key growth indicators and the rupee. The rupee saw a sharp recovery to 96.15, gaining approximately 0.68%, with short covering after touching near 97 lows in the previous session. The volatility index, ‘INDIAVIX,’ decreased by 3.5% to 17.80 levels, with further cooling potentially offering some relief to the bulls.
