India’s key equity indices, the BSE Sensex and Nifty 50, closed lower on Thursday, ending their five-day upward run. Investor sentiment weakened due to a surge in oil prices and uncertainty in global developments.
The Nifty declined by 0.93 per cent, losing 222.25 points to settle at 23,775.10. The Sensex also recorded a drop of 1.20 per cent, falling 931.25 points to close at 76,631.65.
According to market analysts, intraday movements reflected a confined range with a slight downward inclination. The consistent formation of lower highs indicated continued selling pressure throughout the trading session.
Experts noted that the index must sustain levels above 24,000 to regain strength, while slipping below 23,600 may open the door for further downside.
Significant selling was witnessed in major stocks such as Jio Financial Services, InterGlobe Aviation, and Larsen & Toubro, which contributed heavily to the decline.
Banking stocks also remained under pressure, with both private and public sector banking indices lagging behind the broader market.
In contrast to benchmark indices, the broader market segments showed resilience. Mid-cap and small-cap indices managed to close in positive territory, posting modest gains and signalling selective investor interest.
Among sectors, metal stocks stood out as the top performers, offering some support to the overall market.
Market mood remained subdued due to rising geopolitical concerns. Mohammad Bagher Ghalibaf voiced scepticism towards the United States, pointing to repeated breaches of agreements.
He also highlighted tensions involving Israel and Lebanon, along with reported drone activity in Iranian airspace, which further added to global uncertainty.
Analysts believe that concerns over ceasefire stability and increasing oil prices prompted investors to book profits after the recent rally.
The Indian currency also halted its recent upward movement, declining in line with other Asian currencies.
Experts expect the USD/INR pair to move within the 92.50–93.40 range, as traders weigh global risks against domestic outflows.
With volatility on the rise, market participants are expected to adopt a cautious approach. Future trends will largely depend on global cues, crude oil movements, and key technical levels.
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