Mumbai, June 25 (IANS) Indian benchmark indices ended with modest gains on Thursday after surrendering a significant portion of their intra-day advances amid weakness in information technology, metal, oil, and gas stocks.
The Nifty closed 34.35 points, or 0.14 per cent, higher at 24,056, while the Sensex advanced 109.25 points, or 0.14 per cent, to settle at 77,100.47. The benchmarks had traded notably higher during the session before profit booking in select sectors trimmed gains toward the close.
Selling pressure in heavyweight sectors such as IT, metals, and oil and gas weighed on market sentiment. Among the Nifty constituents, Oil and Natural Gas Corp, Power Grid Corporation of India, and Hindalco Industries emerged as the top laggards, dragging the indices lower in the latter half of the session.
The broader market also witnessed weakness, with mid- and small-cap stocks underperforming the benchmark indices. The Nifty MidCap index ended 0.55 per cent lower, while the Nifty SmallCap index declined 0.47 per cent.
On the sectoral front, the Nifty Metal index led the losses, followed by the Nifty IT and Nifty Oil and Gas indices, as investors booked profits in these segments. In contrast, defensive and consumption-oriented sectors provided support to the market. The Nifty Auto and Nifty FMCG indices outperformed their peers, helping the benchmark indices remain in positive territory.
Analysts said that despite ending in the green, the sharp erosion of intra-day gains reflected a cautious undertone in the market, with investors remaining selective amid sector-specific weakness and profit-taking in broader markets.
"While a sharp decline in crude oil prices supported the rupee and provided some cushion, it was insufficient to sustain upward momentum," a market expert said.
"In the near term, sentiment may be influenced by a muted Q1 earnings outlook and an uneven monsoon, which should be monitored going forward," an analyst mentioned.
