Domestic stock markets moved in a narrow range fluctuating between gains and losses on Thursday, a day after benchmark indices Sensex and Nifty snapped a rally that lasted five days. The Sensex index bounced 187.99 points from 37,738.59, the lowest level recorded in early trade, to touch 37,926.58 on the upside, after starting the day down 60.67 points (0.16 per cent) at 37,810.85. The broader NSE Nifty 50 benchmark was stuck in a range of 65.8 points, between 11,103.15 and 11,168.95, having started the session nearly unchanged at 11,135.00.
Analysts awaited financial results from large cap companies to gauge the ongoing earnings season for near-term cues.
Equities in other share markets slipped as investors’ worries over rising tensions between the US and China overcame hopes for more stimulus, after the US ordered the closure of China’s consulate in Houston amid accusations of spying, according to news agency Reuters.
After ticking higher earlier in the morning session, MSCI’s broadest index of Asian shares outside Japan was last seen trading 0.3 per cent lower, weighed down by slumping Chinese stocks.
The Shanghai benchmark dropped 1.67 per cent following four days of gains.