Indian markets end lower amid weak global cues, geopolitical tensions; IT stocks drag

MUMBAI: Indian equity benchmark indices ended lower on Thursday amid weak global cues, escalating geopolitical tensions in West Asia, rising crude oil prices, and continued selling pressure in information technology stocks. The BSE Sensex settled 150.63 points or 0.20 per cent lower at 73,832.55, while the NSE Nifty declined 53.35 points or 0.23 per cent to close at 23,161.60.

The benchmark indices witnessed heightened volatility throughout the session. Markets opened sharply lower, tracking weakness in global equities after renewed concerns surrounding the US-Iran conflict pushed crude oil prices higher and dampened investor sentiment. During early trade, the Sensex fell 464.43 points or 0.62 per cent to 73,518.75, while the Nifty dropped 142.9 points or 0.61 per cent to 23,072.05.

However, the domestic indices staged a strong recovery during the first half of the session, briefly turning positive. At around 1:50 pm, the Sensex was trading at 74,059.13, up 75.95 points, while the Nifty hovered near the flat line at 23,217.90. The gains, however, proved short-lived as selling pressure resurfaced in the latter half, dragging the benchmarks back into negative territory by the close.

Commenting on the market movement, Ajit Mishra, SVP-Research, Religare Broking Limited, said, “Markets remained volatile on the weekly expiry day and ended lower amid weak global cues. After a subdued start, the Nifty witnessed a swift rebound in the first half; however, the recovery completely fizzled out as the session progressed.”

He noted that sectoral participation remained largely negative, with IT emerging as the top loser, followed by weakness in FMCG, energy and realty counters. According to Mishra, investor sentiment remained fragile amid renewed escalation in West Asia and concerns over elevated global interest rates following stronger-than-expected US inflation data. He added that persistent foreign institutional investor outflows and a weaker rupee also weighed on market sentiment.

Market analyst Vipin Dixena highlighted the sharp intraday recovery despite the weak closing. “Indian benchmark indices staged a dramatic turnaround, ending flat-to-positive after recovering from sharp early-morning losses. Both Sensex and Nifty now display a bullish inverted hammer candlestick pattern on daily charts, signaling buyer resilience,” he said.

Dixena added that fresh US-Iran geopolitical tensions triggered the initial sell-off as surging crude oil prices rattled investors. He noted that Bank Nifty led the recovery through aggressive buying, while IT stocks remained under pressure amid global headwinds. Persistent profit-booking near key resistance levels, however, continued to cap the market’s upside.

Among sectoral indices, Nifty IT emerged as the biggest laggard, falling over one per cent. FMCG, PSU Bank, Realty, Consumer Durables and Chemicals indices also ended in the red. The IT index was dragged lower by losses in major technology companies amid concerns over global demand trends.

On the other hand, banking and pharmaceutical stocks displayed resilience and helped limit the broader market decline. Nifty Media bucked the trend and ended 1.78 per cent higher at 1,465.50.

Among Nifty constituents, Mahindra & Mahindra, ICICI Bank, Kotak Mahindra Bank, JSW Steel and Bharti Airtel were among the top gainers. Infosys, Adani Ports, HCL Technologies, Eternal and Bharat Electronics figured among the major losers.

Looking ahead, Mishra said the market continues to witness selling pressure on every rise, although rotational buying in select heavyweight stocks is helping contain the decline. He cautioned that a decisive break below the 23,000 mark could trigger the next leg of correction, while upside momentum is likely to remain capped near the 23,500 level. (ANI)