Defying exuberance from recent rallies, Indian equities opened flat on Thursday, with Sensex at 83,757.54 (down 60 points) and Nifty at 25,755 (off 1 point). Global mixed signals fostered a wait-and-watch approach among investors.
Metals spearheaded the downside, making Nifty Metal the weakest link. Defense, realty, pharma, healthcare, infra, commodities, services, and autos followed suit in negative territory. Oil, FMCG, media, and IT sectors offered respite with gains.
Broader weakness hit mid and smallcaps harder: Nifty Midcap 100 declined 0.30% (179 points) to 59,504, Nifty Smallcap 100 lost 0.80% (137 points) to 17,070.
Sensex movers: Leaders were HUL, Infosys, Trent, TCS, ICICI Bank, NTPC, SBI, HCL Tech. Trailers included IndiGo, BEL, L&T, Tata Steel, Airtel, Sun Pharma, Maruti, Axis Bank, Titan, Asian Paints, Power Grid, ITC.
International bourses were divided—downtrends in Tokyo, Shanghai, HK, Bangkok, Seoul; up in Jakarta. US ended mixed Wednesday.
Metal weakness hammered precious metals: MCX gold April 2026 -1.46% at ₹1,50,813, silver March 2026 -9% at ₹2,44,654. Comex gold < $5,000/oz, silver < $80/oz. Crudes dipped: Brent $68/bbl (-2.16%), WTI $63/oz.
As trading unfolds, watch for sector rotation, FII/DII activity, and rupee-dollar moves. A metal recovery or IT surge could propel indices higher, but sustained commodity slides risk deeper corrections.