Indian benchmark indices closed with modest gains on Thursday, with the Nifty up by 0.14% at 24,056 and the Sensex rising by 0.14% to 77,100.47. However, profit booking in sectors like IT, metals, and oil and gas led to a partial retreat from higher levels during the session.
Selling pressure from heavyweight sectors such as IT, metals, and oil and gas impacted market sentiment. Companies like Oil and Natural Gas Corp, Power Grid Corporation of India, and Hindalco Industries were among the top laggards, pulling down the indices in the latter part of the session.
The broader market saw weakness, with mid- and small-cap stocks performing below the benchmarks. The Nifty MidCap index closed 0.55% lower, while the Nifty SmallCap index declined by 0.47%.
In terms of sectors, the Nifty Metal index faced the most losses, followed by the Nifty IT and Nifty Oil and Gas indices as investors took profits in these areas. On the other hand, defensive and consumption-focused sectors like Nifty Auto and Nifty FMCG provided support, helping the benchmark indices stay positive.
Analysts noted that despite the overall gains, the market’s cautious tone was evident with investors being selective due to sector-specific weaknesses and profit-taking. Factors such as a subdued Q1 earnings outlook and an uncertain monsoon could influence sentiment in the near future.
