Indian stock indices ended marginally higher on Thursday, tracking positive global cues but restrained by cautious sentiment ahead of scheduled US–Russia talks on the Ukraine conflict.
The Sensex gained 57.75 points, or 0.07 percent, to close at 80,597.66, while the Nifty 50 rose 11.95 points, or 0.05 percent, to 24,631.30. Gains in IT, pharma, banking and consumer durables were offset by declines in metal and energy shares.
According to analysts, if the talks between Trump and Putin lead to an end to the Russia–Ukraine war, it could result in the withdrawal of US sanctions on Russia and, consequently, a reconsideration of the 25% penal tariff imposed on India for buying oil from Russia.
A positive outcome may also help reverse the bearish sentiment among overseas investors, who have been offloading Indian stocks at a rapid pace.
Broader markets under-performed, with the NSE mid-cap index down 0.3 percent and the Smallcap index slipping 0.4 percent.
“Equities traded in a narrow range as investors awaited the outcome of geopolitical developments. The market is expected to remain range-bound in the near term, with support from S&P’s credit rating upgrade for India,” said Vinod Nair of Geojit Financial Services.
Top gainers: Wipro (+2 percent), Eternal (+1.71 percent) and Infosys (+1.50 percent) led the Nifty 50 gainers.
Top losers: Tata Steel (–2.81 percent), Adani Ports (–1.38 percent) and Hero MotoCorp (–1.27 percent) were the major laggards.
Sector performance: Nifty Consumer Durables rose 0.75 percent and Nifty IT gained 0.4 percent. Metals fell 1.39 percent, while Realty lost 0.76 percent.
Most active stocks (by volume): Ola Electric (18.42 crore shares), JSW Cement (10.51 crore) and Muthoot Finance (8.76 crore).
Market breadth: Of 3,066 NSE-listed stocks, 1,131 advanced, 1,809 declined and 104 were unchanged.
Highs and lows: 59 stocks, including Apollo Hospitals, TVS Motor and M&M, hit 52-week highs, while 75 stocks, including Bata India, Colgate Palmolive and Vodafone Idea, touched 52-week lows.
According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty is likely to remain bullish above 24,337, with resistance seen at 24,660 and 24,850. A break below 24,337 could reintroduce bearish momentum.
(By arrangement with livemint.com)