Sensex, Nifty End Marginally Lower; IT Stocks Worst Hit

Indian shares ended Thursday’s session marginally lower after a choppy session.

While a rebound in oil prices and lingering worries surrounding ongoing conflict between Israel and Palestinian group Hamas in the Middle East dented sentiment, a continued decline in the dollar index and Treasury yields on the back of dovish Fed commentary helped limit overall losses.

Oil prices were up more than 1 percent in European trade amid concerns that the Israel-Hamas conflict may spread across the region, endangering crude flows.

Also boosting oil prices, OPEC+ leaders Saudi Arabia and Russia have reaffirmed their close cooperation in the crude market with a public show of unity.

The benchmark S&P BSE Sensex ended the session down 64.66 points, or 0.10 percent, at 66,408.39 ahead of U.S. consumer price inflation data due later in the day that could influence the Federal Reserve’s rate trajectory.

The broader NSE Nifty index settled 17.35 points, or 0.09 percent, lower at 19,794, dragged down by IT stocks.

TCS fell 1.9 percent after stating that headwinds continue for the sector amid a sluggish economic climate.

Infosys lost 2.8 percent and HCL Technologies declined 1.8 percent ahead of their earnings results due later in the day. Peer Tech Mahindra gave up 2.8 percent.

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