Stock Market Today: Sensex, Nifty End Higher After Three-Session Losing Streak

On Thursday, Indian equities recovered, ending a three-session slide as financial and banking shares helped lift the benchmark indices. Fluctuations in crude oil prices kept the broader mood cautious.

The BSE Sensex added 138.36 points, or 0.19 per cent, to finish at 74,902.59. The NSE Nifty gained 46.30 points, or 0.20 per cent, closing at 23,477.80.

Despite the recovery, technical indicators suggest that the Nifty’s short-term trend remains under pressure as the index continues to trade below important daily moving averages.

Analysts have identified 23,400 as immediate support, followed by 23,300. On the upside, the 23,550-23,600 range remains the first major hurdle.

HDFC Life Insurance Company, Power Grid Corporation of India and Oil & Natural Gas Corporation (ONGC) were among the strongest Nifty performers.

Financial stocks provided the main support to the market, with Nifty Financial Services, Nifty PSU Bank and Nifty Private Bank among the best-performing sectoral indices.

In contrast, auto and metal stocks came under pressure. The Nifty MidCap index fell 0.38 per cent, while the Nifty SmallCap index slipped 0.07 per cent.

Market participants continued to track sharp movements in crude oil prices because higher energy costs could affect inflation and corporate profitability.

Analysts further pointed to the weaker rupee and rising domestic bond yields as factors limiting the market’s recovery.

Strong equity fund flows in August and an improvement in the SIP stoppage ratio provided some support.

Overall, Thursday’s gains ended the recent losing streak, but investors remained cautious as external and domestic factors continued to drive volatility.

Also Read: Stock Market Today: Sensex, Nifty Flat As Crude Crosses $100, US Yields Rise