Mumbai, April 9 (IANS) Indian equity benchmarks declined on Thursday, snapping their five-day gaining streak, as rising oil prices and uncertainty around the US-Iran ceasefire weighed on investor sentiment.

The Nifty closed 0.93 per cent lower, falling 222.25 points to settle at 23,775.10. The Sensex also slipped sharply, ending 1.20 per cent or 931.25 points down at 76,631.65.

Commenting on Nifty technical outlook, experts said that the intraday charts showed price action remained range-bound with a slight negative bias, marked by the formation of lower highs, indicating sustained selling pressure throughout the session.

“A decisive and sustained move above 24,000 is required to improve sentiment and confirm strength, while failure to hold above 23,600 could expose the index to further downside pressure,” an analyst stated.

Selling pressure was seen in key frontline stocks, with Jio Financial Services, InterGlobe Aviation, and Larsen & Toubro emerging among the top losers in the Nifty pack.

Despite the weakness in benchmark indices, broader markets showed resilience. The Nifty MidCap and Nifty SmallCap indices managed to end in positive territory, gaining 0.25 per cent and 0.20 per cent respectively.

On the sectoral front, banking stocks dragged the market lower, with the Nifty Private Bank and Nifty Bank indices underperforming their peers.

In contrast, metal stocks provided some support, with the Nifty Metal index emerging as the top sectoral gainer.

Investor sentiment remained cautious amid rising geopolitical tensions. Iran’s Parliament Speaker Mohammad Bagher Ghalibaf expressed deep distrust toward the United States, citing repeated violations of agreements.

He pointed to Israel’s continued attacks on Lebanon and reported drone activity in Iranian airspace as reasons for the strained situation, according to a statement shared on social media.

Experts stated that the renewed concerns over the stability of the ceasefire and the uptick in oil prices added to market volatility, leading to profit booking after the recent rally.

Meanwhile, the Indian rupee’s five-day rally came to a grinding halt, retreating in tandem with its Asian peers.

“Spot USDINR is expected to trade within a range of 92.50 to 93.40, as traders balance global energy risks and domestic capital outflows,” a market expert stated.

–IANS

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