The Indian stock market witnessed an eventful session today, swinging widely before eventually closing almost unchanged. After a day of constant ups and downs, the Sensex settled at 80,744.62 with a marginal gain of 0.03 percent, while the Nifty managed to stay above the 24,700 mark, closing at 24,741.00, down by 0.03 percent. The Nifty Bank also showed resilience and ended at 54,114 with a modest gain of 0.07 percent.
The trading day was marked by sharp intraday volatility. At one point, the Sensex moved nearly 700 points from its high, reflecting uncertainty among investors. Market participants kept a close eye on global signals, particularly from the United States and Asian peers, which traded positively ahead of the crucial U.S. jobs report. Analysts believe this data will influence expectations around a possible interest rate cut by the Federal Reserve. In the short term, experts suggest that Indian equities may remain range bound, with investors likely to adopt a buy on dips and sell on rallies approach.
Among the sectors, auto and energy stocks helped cushion the indices. Shares of Mahindra and Mahindra and Maruti Suzuki registered healthy gains in the range of one to two percent. Reliance Industries and PowerGrid also provided positive momentum, supporting the broader market sentiment. Mining and automobile counters gained traction, advancing over one percent, while internet, e-commerce, and electric vehicle stocks also delivered steady gains.
The technology sector, however, turned out to be the biggest drag of the day. The Nifty IT index fell nearly two percent, with all its ten constituents finishing in the red. Persistent Systems suffered the sharpest fall of almost four percent, while Mphasis slipped close to three percent. Heavyweights such as Infosys, HCL Tech, and TCS also came under selling pressure, declining around two percent each. The sell-off in IT was fueled by concerns over global demand and upcoming quarterly guidance.
FMCG stocks also faced headwinds as ITC fell sharply amid worries about the impact of the Goods and Services Tax framework on its tobacco business. This weakness in ITC added to the drag created by technology counters, preventing the indices from capitalizing on the strength of auto and energy names.
Market experts believe the immediate outlook will depend on global economic data and cues from the U.S. Federal Reserve. Domestic investors are advised to remain selective in stock picking, focusing on sectors showing resilience such as automobiles, energy, and emerging growth areas like internet and electric vehicles.
Today’s session once again highlighted the ongoing tug of war between sectoral winners and losers. While investors found opportunities in autos and energy, the persistent weakness in IT and FMCG stocks reflected the challenges that continue to weigh on market sentiment. As traders prepare for the upcoming weeks, global macroeconomic signals and domestic policy cues are expected to guide the market’s direction.
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