The domestic equity benchmarks, BSE Sensex and NSE Nifty 50, surrendered a significant portion of their intraday gains on Thursday, finishing the session with marginal increases. Despite a spectacular opening fueled by global cues and cooling oil prices, a wave of late-afternoon profit-booking in metal and energy counters dragged the indices down from their daily highs.
At the final bell, the BSE Sensex stood at 77,100.47, up by just 109.25 points or 0.14%, after scaling an intraday high of 77,803.18. Similarly, the tech-heavy NSE Nifty 50 managed to defend the psychological milestone of 24,000, closing at 24,056.00, up 34.35 points or 0.14%, down from its daily peak of 24,261.60.
Morning Euphoria Fails to Sustain
The trading day began on a high note. Dalal Street cheered a massive slide in global Brent crude oil prices, which slid down toward $72 per barrel following news of stabilizing tanker traffic in the Strait of Hormuz. Lower oil prices traditionally ease imported inflation pressures for India, sparking a risk-on sentiment in early trade.
Further support came from global markets, particularly a tech-led rally in Asia inspired by blowout earnings from global semiconductor majors Micron and Qualcomm. Domestically, comments from the RBI Governor ruling out near-term interest rate hikes provided structural support to the banking sector, keeping the Nifty Bank afloat.
However, as the afternoon session progressed—and coincided with the weekly BSE Sensex options expiry—volatility spiked. Traders actively unwound long positions, forcing the indices to drop nearly 700 points from the day’s highest levels.
Sectoral Play: Metals and Energy Bleed, Realty and Auto Outperform
The late-market cooling was primarily triggered by sudden corrections in heavy-weight commodity spaces:
- Metals & Energy: Global demand concerns and afternoon profit-booking triggered an unwinding in prominent metal and oil & gas stocks.
- Realty & Auto: On the brighter side, the Nifty Realty index jumped 1%, extending its winning streak for a second day, led by strong buying in counters like Aditya Birla Real Estate and Lodha Developers. The Auto index also performed robustly, powered by Mahindra & Mahindra (M&M).
Top Gainers & Losers (Nifty 50)
| Top Gainers | % Change | Top Losers | % Change |
| Mahindra & Mahindra | +2.43% | Hindalco | -1.85% |
| InterGlobe Aviation (IndiGo) | +2.27% | Tata Steel | -1.40% |
| ICICI Bank | +0.75% | ONGC | -1.15% |
| HDFC Bank | +0.60% | NTPC | -0.95% |
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Market Outlook
Technically, the Nifty 50 formed an upper shadow on the daily charts, indicating resistance at higher levels. Analysts point out that while the immediate trend remains cautiously positive as long as Nifty holds above the 23,900 mark, the index faces strong resistance near 24,200–24,300. The cooling of the India VIX (Volatility Index) by 2.54% down to 13.05 suggests that underlying market fear remains under control, signaling consolidation rather than a deep correction in the upcoming sessions.
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