Indian stocks concluded Thursday with mixed results as heavyweight Reliance Industries and ICICI Bank bolstered the gains, while market sentiment navigated new auction mechanisms and currency fluctuations amid global influences.
Indian equities ended mixed on Thursday as the BSE Sensex rose after support from softer crude prices and buying in heavyweight stocks, while the NSE Nifty finished only just above flat. The Sensex added 373.76 points, or 0.48%, to close at 78,954.76, with 11 of its constituents finishing higher. The Nifty gained 11.35 points, or 0.05%, to end at 24,636 after moving in a tight band through the session.
Market watchers pointed to Reliance Industries and ICICI Bank as the main drivers of the advance. Reliance, a major conglomerate with interests spanning refining, petrochemicals and telecoms, carries significant weight in the benchmark, while ICICI Bank is one of the index’s most closely tracked private sector lenders. Their gains helped offset losses in other shares, leaving the broader tone cautious rather than strongly bullish.
The day’s trading also reflected a shift in sentiment after stock exchanges introduced a new auction mechanism for shares with futures and options contracts. Since Monday, both benchmarks have shown divergence under the new system, suggesting investors are still adjusting to the change. The Nifty’s intraday range was relatively narrow, touching a high of 24,677.05 and a low of 24,604.15.
In the currency market, the rupee weakened by 14 paise to 95.22 against the US dollar, after a slight rise in the dollar index and a modest increase in US Treasury yields. Traders said foreign fund outflows added pressure, although lower crude prices offered some support. The Reserve Bank of India said the rupee opened at 95.13 and traded between 95.12 and 95.24 before settling at the day’s close.
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