Benchmark equity indices ended lower on Thursday after surrendering their intraday gains. Investors remained cautious as rising crude oil prices fuelled concerns over inflation.
Movements in bond yields strengthened expectations that interest rates could stay higher for longer.
The Sensex declined 417.49 points, or 0.55 per cent, to settle at 76,152.86. The Nifty dropped 41 points, or 0.17 per cent, and closed at 23,873.45.
Market experts identified 24,000 as the key psychological resistance level for the Nifty. The 23,800 zone remained the immediate and crucial support.
Analysts said the index has held above this level so far.
A decisive break below 23,800 could increase selling pressure and pull the Nifty towards 23,600.
Bajaj Auto, Tech Mahindra and Trent emerged as the biggest laggards among Nifty constituents. Their declines weighed on the benchmark index.
Broader markets, however, displayed greater resilience. The Nifty MidCap index climbed 0.37 per cent, while the Nifty SmallCap index advanced 1.2 per cent.
Sectoral performance remained uneven. The Nifty Realty index recorded the sharpest decline, falling more than 2 per cent.
Nifty Media, Nifty Private Bank, Nifty PSU Bank and Nifty Bank finished lower. Nifty IT, Nifty Auto, Nifty FMCG and Nifty Healthcare underperformed the broader market.
The session reflected persistent investor caution over crude prices, inflationary pressures and the interest rate outlook.
The rupee remained firm at 94.48 against the US dollar. Improved dollar liquidity supported the currency.
FCNR deposits of around $127 billion are providing additional buffers to manage sharp currency movements and limit a rapid fall in the rupee.
An analyst said the rupee could retain its positive bias, with the currency expected to trade within the 94.25-95.00 range.
Also Read: Stock Market Today: Sensex Rises 155 Points, Nifty Nears 24,000 At Open
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