Share Market: Market closed with a decline, Sensex slipped 122 points; Most pressure on these sectors

Share Market Highlights: Indian stock markets closed in the red on Thursday due to weak global cues amid West Asia tensions. During this period, a slight decline was seen in the major benchmarks of the domestic market. At the time of market closing, the Sensex was down 122.56 points or 0.16 percent at 77,988.68, while the Nifty was seen trading at 24,196.75, down 34.55 points or 0.14 percent. Broader markets outperformed benchmark indices. Nifty Midcap index registered a gain of 0.63 percent and Nifty Smallcap index recorded a gain of 0.89 percent.

Whereas, if seen sector wise, the maximum increase of 1.53 percent was seen in Nifty Metal and 0.88 percent increase was seen in Nifty IT. Apart from this, Nifty Media, Nifty Realty, Nifty FMCG also outperformed, while Nifty Private Bank, Nifty Auto and Nifty Financial Services declined.

HDFC Bank suffered the most loss

The biggest losers in Nifty 50 were HDFC Bank, ONGC, HDFC Life, Titan, M&M, Bharti Airtel and Apollo Hospitals, while the biggest gainers were Adani Enterprises, Hindalco Industries, Eternal, Adani Ports and BEL. Investors adopted a cautious stance as there remained doubts over the second round of ceasefire talks between the US and Iran.

What will be the trend of the market going forward?

Experts say the market trend remains uncertain for the near future, as Nifty failed to decisively cross the resistance level of 24,300. However, if it moves strongly above 24,300 in the next session, a sustained uptrend could be seen in the near future. Otherwise, a major round of profit-taking could begin, potentially pulling the index towards 24,000.

The Indian rupee on Thursday rose 61 paise to close at 93.98 against the dollar, compared to the previous day’s close of 93.37, due to a slight strengthening of the dollar and improvement in global risk sentiment.

Also read: Share Market: Sensex jumped 566 points, Nifty crossed 24,385, 49 shares in the green.

According to experts, this strength is mainly America and Iran Crude oil prices have declined in the last 48 hours, driven by expectations of easing tensions between India and China, reducing pressure on India’s import bill. Additionally, buying by foreign institutional investors (FIIs) and positive signals from India-US trade relations are also boosting market sentiment as improvement in cash flows leads to strengthening of the currency.