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Indian benchmark stock indices ended the trading session largely flat on Thursday as domestic markets navigated volatility driven by elevated crude oil prices, balanced by value buying following a recent market correction.
The Nifty 50 index closed at 23,270.60, marking an increase of 53 points or 0.23 percent. The BSE Sensex concluded at 74,314.59, a marginal decline of 21.86 points or 0.03 percent.
Vinod Nair, head of research at Geojit Investments, noted that expectations regarding a US Federal Reserve rate hike and easing bond yields provided temporary support to global equities. Nair stated that domestic markets remained volatile but were bolstered by value buying after the recent market dip.
Sectoral performance on the National Stock Exchange was mixed. The Nifty Pharma index led gains with a 1.70 percent increase, followed by Nifty Media at 1.27 percent, Nifty Auto at 1.17 percent, Nifty Metal at 0.99 percent, and Nifty FMCG at 0.14 percent. Conversely, the Nifty PSU Bank, Nifty Private Bank, and Nifty Oil and Gas indices ended the day in negative territory.
Top gainers among Nifty 50 stocks included HDFC Life, TMPV, SBI Life, Dr Reddy’s, and IndiGo. Major losers included ONGC, Titan, Coal India, Bajaj Auto, HCLTech, and HDFC Bank.
Market participants continued to monitor crude oil prices, which were trading at approximately 104 USD per barrel. Vivek Karwa, CEO of Vridhi Investment, suggested that while crude oil prices are preventing a stronger market recovery, the impact has been relatively limited compared to previous periods when prices reached 115 to 120 USD per barrel. Karwa attributed this resilience to strong corporate earnings, noting that Nifty earnings grew by approximately 9 percent, or 13 percent when excluding oil marketing companies.
In other Asian markets, Japan’s Nikkei 225 and South Korea’s KOSPI closed flat, while Hong Kong’s Hang Seng declined 0.58 percent. Taiwan’s Weighted Index rose 0.95 percent, and Singapore’s Straits Times gained 0.45 percent. Precious metals also saw downward pressure, with silver declining 0.61 percent to 2,33,363 rupees per kilogram and 24-carat gold falling 0.71 percent to 1,51,380 rupees per 10 grams.
Article source: www.singaporestar.com | Image credit: www.singaporestar.com
