Benchmark equity indices BSE Sensex and Nifty 50 ended off their intra-day highs on Thursday, as selling pressure in banking and auto stocks capped gains.
Investor sentiment also remained cautious ahead of clarity on upcoming negotiations between the US and Iran.
At the close, the Sensex stood at 77,988.68, down 122.56 points or 0.16 per cent, while the Nifty settled at 24,196.75, lower by 34.55 points or 0.14 per cent.
Market experts noted that near-term sentiment remains uncertain, with the Nifty failing to decisively breach the 24,300 resistance level.
“However, if it moves above 24,300 with conviction in the next session, a sustained rally could unfold in the near term,” an analyst said.
“Otherwise, a sharp bout of profit booking may emerge, potentially dragging the index towards 24,000,” another expert added.
Among major laggards on the Nifty were HDFC Bank, Oil and Natural Gas Corporation, and HDFC Life Insurance Company.
Despite weakness in frontline indices, broader markets outperformed. The Nifty MidCap index rose 0.63 per cent, while the Nifty SmallCap index gained 0.83 per cent.
Sectorally, metal and IT stocks led the gains, with Nifty Metal and Nifty IT indices emerging as top performers.
In contrast, rate-sensitive segments such as private banks and financial services saw selling pressure, with Nifty Private Bank and Nifty Financial Services indices ending as the biggest losers.
Going ahead, market participants are expected to track global cues, particularly developments around US-Iran talks, along with earnings trends and crude price stability.
The Indian rupee recovered after four sessions of decline as improved risk sentiment encouraged foreign institutional inflows.
“In the near term, the USDINR spot rate will likely consolidate within a range of 92.80 to 93.50,” an analyst said.
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