Indian benchmark indices ended Thursday’s trading session with mixed results as investors maintained a cautious approach amid limited movement during the day.
The Sensex finished 113.61 points, or 0.15 per cent, higher at 78,079.96. The Nifty, meanwhile, dropped 40.10 points, representing a 0.16 per cent decline, to end at 24,395.85.
Selling across major stocks put pressure on the benchmark index during the session.
Hindalco Industries, UltraTech Cement and Grasim Industries recorded some of the sharpest declines among Nifty constituents.
The Nifty Metal index suffered the biggest sectoral setback, falling by more than 1 per cent as investors reduced exposure to metal companies.
The Nifty Chemical index moved in the opposite direction and emerged as the strongest-performing sectoral index.
The broader market displayed greater strength despite weakness in the frontline indices.
The Nifty MidCap index rose 0.15 per cent, while the Nifty SmallCap index advanced 0.27 per cent by the close.
Investors largely stayed on the sidelines, resulting in restricted movement across the key benchmark indices.
Market analysts have placed 24,325 as an important support area for the Nifty.
The level has gained significance because it aligns with both the 20-day Simple Moving Average and the 38.2 per cent Fibonacci retracement mark.
According to analysts, the index could regain its upward momentum if it manages to remain above this support zone.
The next important hurdle stands near 24,775, while a sustained break above that level could push the Nifty towards 24,900.
Market experts said energy prices, geopolitical developments and the durability of foreign investment flows would remain important factors for equities in the coming sessions.
The Indian currency also faced selling pressure during the session as importers increased demand for US dollars.
Analysts expect USDINR to move towards 95.60, with 95.10 identified as an important support level in the near term.
Also Read: Stock Market Today: Sensex Opens 145 Points Higher, Nifty Nearly Flat
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