Indian Benchmarks Close Lower Despite GIFT NIFTY Gains
Nifty 50 ended the session at 23,350, retreating from the previous close of 23,477.80, while the Sensex shed 390 points to close lower. The domestic benchmarks struggled to hold opening levels, with Nifty trading in a range of 23,231.40 to 23,360.85 during the session.
The cash market opened at 23,270.30, down from the prior close, and remained under pressure through the afternoon. Despite the slide in Indian equities, GIFT NIFTY tracked a divergent path, closing Session I in positive territory.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 23,350 | -127.80 | -0.54% |
| Sensex | — | -390 pts | — |
Sectoral Moves and Stock Action
Oil and gas stocks emerged among the major laggards, with airline, OMC, paint and tyre names falling up to 5% as Brent crude neared $110 per barrel. SpiceJet and HPCL were flagged as major losers in the session, dragging the broader energy and transportation space lower.
On the gainers' side, Infosys closed at 1,036.50, up from an intraday low of 1,029.70, while Apollo Hospitals rallied to 8,900, near its session high of 8,944. The IT and healthcare pockets showed resilience even as broader sentiment remained cautious.
Financial services, which commands a 36.84% weightage in Nifty 50, traded mixed. Information technology (10.23% weight) and oil & gas (10.39% weight) sectors moved in opposite directions, reflecting divergent flows across heavyweights.
GIFT NIFTY Session: Morning Selloff, Afternoon Rally
GIFT NIFTY opened Session I at 23,329 and initially drifted lower, hitting an intraday low of 23,254 during the late-morning hours around 11:45 SGT. The index reversed sharply in the post-lunch session, surging past 23,400 by 13:40 SGT and touching a session high of 23,486.50 at 16:30 SGT before settling at 23,460.
The rally in GIFT NIFTY diverged from the Indian cash market's weakness, suggesting offshore positioning ahead of Session II. The derivative contract gained 133.5 points or 0.57% from the previous close of 23,326.50.
| Session Snapshot | Level |
|---|---|
| Open | 23,329.0 |
| High | 23,486.5 |
| Low | 23,254.0 |
| LTP | 23,460.0 |
| Change | +133.5 (+0.57%) |
Closing Note
GIFT NIFTY heads into Session II at 23,460, holding above the 23,400 mark despite the domestic cash market's late-session fade. The 232-point intraday range reflected heightened volatility, with the afternoon recovery keeping the derivative contract in positive territory as evening trade approaches.