Nifty, Sensex close flat amid elevated oil prices, IT stocks support gains

Mumbai (Maharashtra) [India], July 16 (ANI): Indian equity benchmark indices ended largely flat on Thursday as investor sentiment remained cautious amid geopolitical uncertainties, elevated crude oil prices and weak cues from Asian markets.
The Nifty 50 closed at 24,072.75, down 5.75 points or 0.02 per cent, while the BSE Sensex ended marginally higher at 77,186.87, up 1.44 points.
Market experts said investors remained cautious despite easing inflation concerns in the United States, with corporate earnings and global developments continuing to guide market sentiment.
Vinod Nair, Head of Research at Geojit Investments Limited, said, "Indian equities concluded largely subdued as investors remained cautious amid geopolitical uncertainties, fluctuating oil prices, and weak Asian market trends. While inflation concerns weighed on financials and realty, the chemicals space emerged as a bright spot, supported by the reinstatement of import duties on select petrochemicals, alongside strong earnings traction. Meanwhile, cooling U.S. inflation eased rate concerns and offered downside support. Going forward, corporate earnings and management commentary, along with progress in monsoons, will be key catalysts, while global and inflation-related developments continue to influence market momentum."
Among sectoral indices on the NSE, Nifty Metal declined 0.33 per cent, while Nifty PSU Bank fell 0.46 per cent. On the other hand, Nifty IT, FMCG, Media, Pharma and Auto ended the session in the green.
Among the top gainers were HCL Tech, IndiGo, Wipro, Maruti, Bajaj Finance and Mahindra & Mahindra. The major losers included Zomato, SBI Life, Bajaj Finserv, BEL and HDFC Bank.
Meanwhile, global crude oil prices remained elevated. Brent crude was trading at USD 84.68 per barrel at the time of filing this report.
In the bullion market, 24-karat gold was trading at Rs 1,41,551 per 10 grams, while silver was quoted at Rs 2,19,089 per kg at the time of reporting.
Commenting on the market outlook, Riyank Arora, Associate Vice President - HNI & Derivatives at Hedged.in, said, "The market is witnessing a phase of consolidation after recent volatility, with benchmark indices continuing to hold above their crucial support levels. As long as these levels remain intact, the broader outlook stays constructive. Traders may continue to adopt a buy-on-dips strategy while maintaining disciplined risk management."
Asian markets closed on a mixed note on Thursday. Japan's Nikkei 225 declined 2.97 per cent to 66,771, while Singapore's Straits Times fell 0.37 per cent to 5,539. South Korea's KOSPI lost 6.8 per cent to close at 6,820, whereas Hong Kong's market gained 1.25 per cent to end at 24,993. (ANI)