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

Indian equity benchmarks traded largely flat in early deals on Thursday as rising crude oil prices, higher US bond yields and geopolitical tensions weighed on investor sentiment.

The Sensex was trading 21.32 points, or 0.03 per cent, lower at 74,742.91, while the Nifty declined 7.85 points, or 0.03 per cent, to 23,423.65.

The 30-share index opened at 74,742.54, down 21.69 points, or 0.02 per cent. The Nifty, meanwhile, began at 23,446.60, gaining 15.09 points, or 0.06 per cent.

Sectorally, PSU banks led the gains, rising more than 1 per cent, while the Nifty Oil & Gas index advanced 0.61 per cent. Nifty Media, FMCG, Private Bank and IT stocks also traded higher.

On the other hand, Nifty Auto emerged as the biggest sectoral laggard, falling 0.66 per cent. Healthcare, pharma, consumer durables and cement stocks also remained under pressure.

Among Nifty constituents, Mahindra & Mahindra was the top loser, declining 1.3 per cent, followed by Bajaj Auto, Asian Paints and Eicher Motors. IndiGo, HCLTech, Shriram Finance and Dr Reddy’s Laboratories also traded lower.

Market experts said the Nifty’s fall below the 23,500 resistance level had weakened the market structure, leaving the index vulnerable to further correction amid deteriorating macroeconomic conditions.

Brent crude had risen above $101 a barrel, while the US 10-year Treasury yield climbed to 4.83 per cent, raising concerns about a possible Federal Reserve rate hike this month. Worsening geopolitical tensions in the Middle East have added to market uncertainty.

Crude above $100 could hurt India’s GDP growth and corporate earnings, pressuring aviation, paints, tyres and chemicals. FMCG, pharma and healthcare may remain resilient.

Digital platforms remain strong, while private banks retain solid fundamentals.

Analysts see support at 23,260–23,000, with 23,520 as the key upside level.

Also Read: Stock Market Today: Sensex Drops 813 Points, Nifty Closes At 23,431