Following the rally in the previous trading session, the domestic stock market witnessed a decline on Thursday. At the end of trading, the BSE Sensex closed at 77,988.68, down 122.56 points. Meanwhile, the NSE Nifty fell 34.55 points to close at 24,196.75.
Major losers on the Nifty included HDFC Bank, ONGC, HDFC Life, Titan Company, and Apollo Hospitals. On the other hand, shares of Hindalco Industries, Trent, Adani Enterprises, Adani Ports, and Eternal recorded gains.
Expert Opinion
According to Hariprasad K., Research Analyst and founder of LiveLong Wealth, the market started the day on a positive note due to strong global cues and some easing of geopolitical tensions. However, profit-booking pressure dominated throughout the day, preventing the index from sustaining at higher levels. He noted that current market sentiment is still influenced by developments in West Asia.
He further explained that hopes regarding potential second-round talks between the US and Iran put pressure on crude oil prices, which eased inflation concerns to some extent. Despite this, the market’s inability to sustain the rally indicates that investors remain cautious and are currently avoiding aggressive buying.
Nifty Future Outlook
According to market experts, the level of 24,320 to 24,350 could act as strong resistance for the Nifty in the coming time. If the index crosses this level and remains stable above 24,350, the short-term rally could continue towards 24,500, and potentially 24,650 in the future.
On the other hand, in case of a decline, the range of 24,080 to 24,050 is being considered a crucial support zone for the Nifty, where the market is likely to find support.
