CHENNAI: Indian equity benchmarks closed largely unchanged on Thursday after a volatile session, with gains in banking and FMCG stocks offset by weakness in IT and metal shares. Investors remained cautious ahead of key global economic data releases and quarterly earnings from major domestic companies.
The BSE Sensex closed around the 81,000 mark, down 733 points, after a volatile session that saw sharp swings between gains and losses. The NSE Nifty 50 settled just above 24,600, managing to hold its key support level despite persistent selling in select heavyweights.”
On the sectoral front, banking, auto, and FMCG indices recorded moderate gains, supported by buying in private lenders and consumer staples. In contrast, IT and metals came under pressure amid concerns over global demand slowdown and rising US bond yields. Broader markets were mixed, with mid-cap indices outperforming slightly while small-caps saw mild profit booking after their recent strong rally.
Market sentiment remained cautious ahead of US GDP data and the Federal Reserve’s commentary on the interest rate trajectory. Globally, European markets were steady in early trade, while US futures indicated a soft opening later in the day.
Market Analysis
Consolidation mode: Indian markets appear to be consolidating after their recent rally, with investors booking profits at higher levels.
Sector rotation: Strength in banks and consumer plays is cushioning the benchmarks even as global-sensitive sectors like IT and metals see selling pressure.
Global cues in focus: With crude oil prices easing but US bond yields remaining elevated, traders are adopting a wait-and-watch approach.
Analysts expect near-term volatility to persist, with stock-specific action dominating as earnings season picks up. Broader market resilience and domestic liquidity remain key supports, though global risk-off sentiment could cap upside.