The domestic benchmark equity indices traded flat, albeit in the negative territory, on Thursday in the early deals, as <a href="https://www.mid-day.com/news/world-news/article/west-asia-war-us-announces-new-sanctions-against-iran-amid-rising-tensions-23646510" target="_blank" rel="none noopener">geopolitical uncertainties</a> made investors cautious.
The 30-share BSE Sensex shed 47.16 points or 0.06 per cent at 77,425.78 in the initial trade. The 50-share NSE Nifty dipped 3.75 points or 0.02 per cent at 24,251.50 during the early deals.&nbsp;
"Technically, the Nifty remains rangebound as long as it trades below 24,350. A decisive close above this level could open the way towards 24,500, while immediate support is placed at 24,100, followed by 23,950. The near-term bias remains cautiously positive, although sustained gains will depend on whether the AI-led global optimism translates into broader buying interest during the session," Rajesh Palviya, Head of Research, Axis Direct said.
On Wednesday, the benchmark market indices reversed their initial gains, as the Sensex slipped 183.15 points, or 0.24 per cent, to settle at 77,472.94, while the Nifty declined 126.80 points, or 0.52 per cent, to end at 24,207.75.
"Failure to close above last week high will signal consolidation in the range of 24,000-24,350. While a close above 24,360 will signal extension of the pullback towards 24,550 and 24,700 levels in the coming weeks. Overall index is expected to extend the recent consolidation and trade in the broad range of 24,000-24,700 in the coming sessions," Bajaj Broking Research said.
From the Sensex pack, Tech Mahindra, <a href="https://www.mid-day.com/business/business-news/article/bajaj-finance-shares-hit-52week-high-post-q1fy27-earnings-soar-7-per-cent-23642535" target="_blank" rel="none noopener">Bajaj Finance</a>, Kotak Mahindra Bank, ICICI Bank, Bharat Electronics and Eternal were the major gainers in the early trades. The shares of Tech Mahindra and Bajaj Finance were trading over 1 per cent higher. HDFC Bank, HCL Tech, Power Grid, NTPC, TCS and Hindustan Unilever were the major laggards during the initial trade.
"The dichotomous nature of the market trend, the midcap index at record highs while the Nifty is languishing about 8 per cent below its peak, is likely to persist in the near-term since money flows and momentum support this small and mid cap stocks (SMIDs) rally. But fundamentally, this divergence is unsustainable beyond a point since valuations in SMIDs is getting stretched," V K Vijayakumar, Chief Investment Strategist, Geojit Investments said.
Global cues
"Brent crude, near USD 86.6 a barrel, has eased for a third consecutive session as concerns over supply disruptions through the Strait of Hormuz moderate, providing some relief to India's import bill," Palviya said.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index traded higher, while Hong Kong's Hang Seng index quoted lower.
According to news agency PTI, Brent crude, the global oil benchmark, traded 0.44 per cent lower at USD 87.45 per barrel, while Foreign Institutional Investors (FIIs) bought equities worth Rs 502.63 crore on Wednesday.
"Geopolitical tensions continue to weigh on markets. Apart from the US-Iran tensions, there are reports of renewed escalation in the <a href="https://www.mid-day.com/news/world-news/article/russia-says-air-defences-destroy-250-ukrainian-drones-across-19-regions-23646262" target="_blank" rel="none noopener">Russia-Ukraine conflict</a>...Even though the US bond yields have softened a bit, they continue to be too high. This will restrain a sharp rally in the market," Vijayakumar said.&nbsp;
(With inputs from PTI)

During the initial trade, the  Sensex lost 47.16 points or 0.06 per cent at 77,425.78, while the Nifty dipped 3.75 points or 0.02 per cent at 24,251.50 

Sensex falls 47.16 points in early trade amid geopolitical uncertainties

Sensex plunges nearly 540 points, Nifty tanks over 115 points amid global uncertainties

The 30-share BSE Sensex shed 47.16 points or 0.06 per cent at 77,425.78 in the initial trade. The 50-share NSE Nifty dipped 3.75 points or 0.02 per cent at 24,251.50 during the early deals

Stock update: Sensex sheds 47.16 points in early trade amid geopolitical uncertainties

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Home / Business / Stock Market / Article / Stock update: Sensex sheds 47.16 points in early trade amid geopolitical uncertainties