Sectoral Winners and Losers as Oil Prices Remain Uncertain

On Thursday, Indian equities opened within a tight range, reflecting a tug‑of‑war between solid domestic data and global risk factors. The Sensex began at 78,111.91, up 0.18%, while the Nifty opened slightly lower at 24,431.60. Both indices later retreated, with the Sensex ending near 77,775 (down 180 points) and the Nifty at 24,340.20 (down 95.75 points).

Among sectors, Media led the gains with a 0.61% rise, followed by Auto at 0.39%. Conversely, Real Estate fell 0.81%, IT slipped 0.69%, and the PSU banking, Oil & Gas and Private Banking indices each declined up to 0.61%. The most affected stocks were Grasim Industries, UltraTech Cement and Hindalco Industries, which posted the steepest losses.

Analysts note that strong domestic fundamentals – such as GST collections, freight movement, automobile sales and expanding bank loan portfolios – are underpinning market confidence. However, the lingering volatility in crude‑oil prices continues to weigh on sentiment. Brent crude fell over 1% to $87.75 per barrel and WTI slipped 1.64% to $81.90, offering some respite to inflation concerns.

Technical analysis shows the Nifty forming a hammer candle above its 20‑day moving average, indicating potential upside to the 24,540‑24,666 range, with a longer‑term target of 24,850‑25,100. A brief consolidation around 24,490 may precede any breakout.