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Mumbai: On Thursday, the Indian stock market faced a downturn despite rising hopes for a ceasefire between the US and Iran. Throughout the trading session, the major indices fluctuated, ultimately closing flat. Initially, both key indices showed an upward trend but later fell below their previous closing levels.

The BSE Sensex dropped by 114 points, or 0.15%, closing at 77,844.52. Similarly, the NSE Nifty50 fell by 4.30 points to settle at 24,326.65. During the day, the Sensex opened at 78,339.24, reaching an intraday high of 78,384.70 and a low of 77,713.21. The Nifty opened at 24,398.50, hitting an intraday high of 24,482.10 and a low of 24,284. The broader markets outperformed the main benchmarks, with the Nifty Midcap 100 index rising by 1.10% and the Nifty Smallcap 100 index increasing by 0.87%.

Analyzing sector performance, the Nifty Consumer Durable, Nifty IT, Nifty FMCG, and Nifty PSU Bank indices showed weakness. In contrast, the Nifty Auto, Nifty Realty, Nifty Private Bank, Nifty Metal, Nifty Media, and Nifty Healthcare indices performed better. Among the Nifty 50 stocks, HDFC Life, Bajaj Auto, Mahindra & Mahindra, Grasim, NTPC, Apollo Hospital, Hindalco, Kotak Bank, and ONGC saw gains ranging from 1% to 3.5%. However, shares of HUL, TCS, Titan, Tech Mahindra, ITC, Sun Pharma, and Coal India experienced declines.

During Thursday's trading session, the total market capitalization of companies listed on the BSE increased from 473 lakh crore rupees to 475 lakh crore rupees, indicating that investors gained approximately 2 lakh crore rupees in a single day.

From a technical perspective, experts suggest that the 24,400-24,500 range currently serves as a strong resistance level for the Nifty. If the Nifty can maintain its position above this level, a bullish trend may return, potentially pushing the index to 24,600 or higher. Conversely, the 24,100-24,000 range is seen as a crucial support zone. Should selling pressure increase, this level could provide necessary support. Analysts believe that the market's direction will largely depend on news related to the Gulf region, particularly Iran's response to US peace proposals and the potential reopening of the Hormuz Strait.

Meanwhile, global crude oil prices have seen a significant decline, with Brent crude futures dropping by 2.32% to trade at $99.92 per barrel. The Indian rupee also strengthened against the US dollar, trading around 94.24, reflecting a gain of approximately 15 paise. Improved sentiment among investors regarding US-Iran negotiations has bolstered risk appetite.