IGI Logo

Indian benchmark equity indices ended lower on Thursday as volatility in global oil prices dampened investor sentiment and triggered selling across sectors. 

The Nifty declined 0.95 percent, or 227.70 points, to close at 23,639.15. Meanwhile, the Sensex fell 1.08 percent, or 829.29 points, to settle at 76,034.42.

Commenting on Nifty technical outlook, experts said that on the downside, 23,500 and 23,000 remain key demand zones, supported by strong put open interest that could offer near-term support.

“On the upside, 23,700 stands as the immediate resistance followed by 23,800, while 24,000 continues to remain a strong supply zone for the index,” an analyst stated.

Among the stocks on the Nifty50 index, automakers saw significant losses during the session.

Mahindra & Mahindra, Eicher Motors, and Maruti Suzuki India emerged as the top losers.

Market sentiment was also influenced by developments in West Asia and concerns over energy supplies.

According to reports, India’s External Affairs Minister S. Jaishankar held discussions with his Iranian counterpart on issues related to maritime safety and India’s energy security.

External Affairs Ministry spokesperson Randhir Jaiswal said the talks focused on ensuring safe shipping routes.

Iran has reportedly assured that Indian-flagged ships will be allowed to pass safely through the Strait of Hormuz, an important global oil shipping route.

Broader markets also ended lower in line with the benchmark indices. The Nifty Midcap 100 index fell 0.37 percent, while the Nifty Smallcap 100 index declined 0.69 percent during the session.

Sector-wise, the Nifty Auto index was the worst-performing sectoral gauge. The decline came amid concerns over restrictions on gas supplies and a broader shortage that could weaken the outlook for the automotive sector. The Nifty FMCG and Nifty Realty indices also underperformed.

On the other hand, the Nifty Oil & Gas index emerged as the top-performing sector in Thursday’s trading session, supported by the rise in global crude oil prices.

Analysts said that volatility in oil markets and concerns over global energy supply continued to weigh on investor sentiment, leading to broad-based declines in Indian equities.

Meanwhile, after stumbling to a historic low, the Rupee recouped some ground, anchored by central bank supports and a pullback in oil benchmarks. Though the rupee stabilised, the overarching momentum stays skewed to the downside.

"The spot USDINR has resistance near 92.50, with downside protection hovering at 91.60," an expert stated.