Nifty, Sensex end flat amid mixed global cues, crude falls below USD 100 per barrel

Mumbai (Maharashtra) [India], May 7 (ANI): Indian equity markets ended on a largely flat note on Wednesday amid mixed global signals and continued uncertainty around developments in West Asia.
The Nifty 50 index closed at 24,326.65, down 4.30 points or 0.02 per cent, while the BSE Sensex settled at 77,844.52, declining 114 points or 0.15 per cent.
Market experts said investors remained cautious despite some relief coming from lower crude oil prices and a stronger rupee.
Vinod Nair, Head of Research, Geojit Investments, said domestic equities moved between gains and losses during the session as investors reacted to both global developments and sector-specific trends.
"Domestic equities swung between gains and losses amid mixed global cues, even as the rupee strengthened. Selective risk appetite was evident in pockets of the market, with mid and small caps outperforming large caps," he said.
He added that reports of a possible agreement between the United States and Iran to gradually reopen the Strait of Hormuz helped ease concerns around oil prices and inflation.
"Reports of a potential US-Iran agreement to gradually reopen the Strait of Hormuz pushed crude below USD 100 per barrel, easing near-term inflation concerns. However, optimism faded quickly amid uncertainty around nuclear enrichment discussions, triggering profit booking," he stated.
Sector-wise, automobile stocks emerged among the strongest gainers. The Nifty Auto index rose 1.93 per cent, while Nifty Realty gained 0.63 per cent and Nifty Private Bank advanced 0.30 per cent.
Nifty Metal increased 0.27 per cent, Nifty Media rose 0.21 per cent, and Nifty Pharma gained 0.10 per cent.
On the other hand, information technology and FMCG stocks remained under pressure. Nifty IT declined 0.77 per cent, while Nifty FMCG fell 0.76 per cent. Nifty PSU Bank also slipped 0.49 per cent during the session.
Crude oil prices remained in focus throughout the trading day. Brent crude prices declined below the important USD 100 per barrel level and were trading at USD 98.91 per barrel at the time of filing this report.
In the commodity market, precious metals continued to rise. Gold prices gained 0.55 per cent to trade at Rs 1,52,977 per 10 grams for 24 karat gold. Silver prices also surged more than 3 per cent to Rs 2,60,995 per kg.
Asian markets closed mostly higher. Japan's Nikkei 225 index surged more than 5 per cent to close at 63,064, while Hong Kong's Hang Seng index gained 1.61 per cent to settle at 26,642.
Taiwan's weighted index rose 1.90 per cent to close at 41,933, while Singapore's Straits Times index advanced 0.3 per cent to 4,941.
According to market experts, investors are now expected to closely monitor quarterly earnings and management commentary for further direction. (ANI)