Mumbai, May 21: Indian equity benchmarks closed largely unchanged on Thursday as geopolitical concerns in West Asia weighed on investor sentiment, while selective buying in broader markets helped limit losses.
The declined 135.03 points, or 0.18%, to close at 75,183.36, while the ended almost flat at 23,654.7, slipping 4.3 points or 0.02%.
Market sentiment remained cautious amid global uncertainty, with selling pressure observed in IT, FMCG, and financial stocks. Heavyweights such as Bajaj Finance, Infosys, Tech Mahindra, and Hindustan Unilever were among the key laggards.
In the broader market, mid-cap stocks remained subdued, while small-cap shares outperformed, closing higher and indicating selective risk appetite among investors.
Sectoral performance was mixed. FMCG, IT, and financial services indices witnessed weakness, whereas realty and cement stocks showed relative strength. The cement sector stood out, gaining more than 2% during the session.
Analysts noted that near-term market direction will depend on global geopolitical developments, central bank policy signals, and macroeconomic indicators, including upcoming monetary policy cues.
Technically, resistance is seen around the 23,700–23,800 range for the Nifty, with 24,000 identified as a key psychological barrier. On the downside, support is placed in the 23,500–23,600 zone, followed by stronger support near 23,300.
The Indian rupee also staged a strong recovery, appreciating to around 96.15 against the US dollar, gaining nearly 65 paise after a sharp depreciation in the previous session. The rebound was attributed to short covering and improved sentiment in currency markets.
Meanwhile, the volatility index,, eased by around 3.5%, reflecting a slight reduction in market fear levels.
Overall, markets remained range-bound as investors balanced geopolitical risks with selective domestic strength.