Markets decline in early deals; trade marginally higher later

Mumbai: Equity benchmark indices initially fell in early trade on Thursday due to negative global market conditions but quickly reversed course to end slightly higher. During early trading, the 30-stock BSE Sensex dropped by 102.78 points to 81,682.78, while the Nifty on the National Stock Exchange (NSE) decreased by 34.85 points, reaching 25,017.50. However, both indices recovered later in the session, with the BSE Sensex increasing by 64.07 points to close at 81,846.33, and the Nifty rising by 17.40 points to finish at 25,070.15.

UltraTech Cement, HCL Technologies, Tata Steel, JSW Steel, Axis Bank, Maruti, Bharti Airtel, and Power Grid were the top underperformers among the 30 Sensex companies. Conversely, Bajaj Finserv, Hindustan Unilever, HDFC Bank, and Tata Motors saw their stock prices rise. Asian markets, including Seoul, Tokyo, Shanghai, and Hong Kong, were all trading with losses.

On Wednesday, US markets closed lower. According to exchange data, foreign institutional investors (FIIs) sold equities worth ₹1,347.53 crore. The global oil benchmark Brent crude rose by 0.11 percent, reaching USD 78.74 per barrel.

The Nifty is anticipated to face turbulent times ahead due to uncertainty in market trends. "The decrease in US tech stocks, specifically Nvidia's recent drop despite good earnings, has added to this sense of caution," stated Prashanth Tapse, senior VP (research) at Mehta Equities Ltd. The NSE Nifty continued its upward trend for the tenth consecutive session on Wednesday, increasing by 34.60 points or 0.14 percent to reach a record closing high of 25,052.35. During trading hours, the index rose by 111.85 points, representing a 0.44 percent increase, reaching a new record high of 25,129.60. The BSE benchmark continued its winning streak for the seventh consecutive day, rising by 73.80 points or 0.09 percent to close at 81,785.56.