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What is the story about?
The Nifty 50 index snapped its five-day winning streak on Thursday, declining 222 points to close below the 23,800 mark, as rising geopolitical uncertainty and higher crude prices weighed on sentiment.
After opening on a weak note, the index extended losses in early trade and remained range-bound through the rest of the session, eventually closing near the day's lows.
The 24,000 level continued to act as a strong resistance zone.
Financial heavyweights such as HDFC Bank and ICICI Bank dragged the index lower, while the Bank Nifty underperformed, ending 1.58% down.
Broader markets showed relative resilience, with both midcap and smallcap indices ending largely flat.
Among index constituents, Hindalco and Dr Reddy's Laboratories were the top gainers, while InterGlobe Aviation and Jio Financial Services emerged as the top laggards.
On the sectoral front, oil and gas, public sector banks, infrastructure, consumer durables, and private banks declined between 0.4% and 2%, while metals, power, and pharmaceutical stocks posted modest gains of 0.5% to 1%.
Crude oil prices rose nearly 4% to around $97-98 per barrel, amid concerns over supply disruptions linked to geopolitical developments and potential restrictions around the Strait of Hormuz.
Global cues remained weak, with United States Dow futures and European markets trading lower.
On the stock-specific front, Tata Consultancy Services will be in focus after reporting its fourth quarter results. The company's performance was largely in line with expectations, with rupee revenue growth at a 30-quarter high, while constant currency growth stood at 1.2%.
Wipro also announced that its board will consider a share buyback on April 16, alongside its March quarter results.
Going ahead, market participants will watch for a decisive breakout above 24,000, which could trigger a short-covering rally towards the 24,500 zone, according to Nilesh Jain of Centrum Finverse. Immediate support is seen at 23,500 levels.
Nagaraj Shetti of HDFC Securities said the near-term uptrend remains intact, with the index likely to find support around 23,500 before attempting a rebound, while 24,000 continues to be a key resistance level.
For the Bank Nifty, Sudeep Shah of SBI Securities said the index remains above its 20-day exponential moving average, indicating that the short-term structure is still positive.
Immediate resistance is placed in the 55,300-55,400 zone, while support is seen in the 54,400-54,300 range.
After opening on a weak note, the index extended losses in early trade and remained range-bound through the rest of the session, eventually closing near the day's lows.
The 24,000 level continued to act as a strong resistance zone.
Financial heavyweights such as HDFC Bank and ICICI Bank dragged the index lower, while the Bank Nifty underperformed, ending 1.58% down.
Broader markets showed relative resilience, with both midcap and smallcap indices ending largely flat.
Among index constituents, Hindalco and Dr Reddy's Laboratories were the top gainers, while InterGlobe Aviation and Jio Financial Services emerged as the top laggards.
On the sectoral front, oil and gas, public sector banks, infrastructure, consumer durables, and private banks declined between 0.4% and 2%, while metals, power, and pharmaceutical stocks posted modest gains of 0.5% to 1%.
Crude oil prices rose nearly 4% to around $97-98 per barrel, amid concerns over supply disruptions linked to geopolitical developments and potential restrictions around the Strait of Hormuz.
Global cues remained weak, with United States Dow futures and European markets trading lower.
On the stock-specific front, Tata Consultancy Services will be in focus after reporting its fourth quarter results. The company's performance was largely in line with expectations, with rupee revenue growth at a 30-quarter high, while constant currency growth stood at 1.2%.
Wipro also announced that its board will consider a share buyback on April 16, alongside its March quarter results.
Going ahead, market participants will watch for a decisive breakout above 24,000, which could trigger a short-covering rally towards the 24,500 zone, according to Nilesh Jain of Centrum Finverse. Immediate support is seen at 23,500 levels.
Nagaraj Shetti of HDFC Securities said the near-term uptrend remains intact, with the index likely to find support around 23,500 before attempting a rebound, while 24,000 continues to be a key resistance level.
For the Bank Nifty, Sudeep Shah of SBI Securities said the index remains above its 20-day exponential moving average, indicating that the short-term structure is still positive.
Immediate resistance is placed in the 55,300-55,400 zone, while support is seen in the 54,400-54,300 range.
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