Stock Market Today: Sensex -135, Nifty flat at 23,655

Indian equities ended almost unchanged on Thursday after another whipsaw session, with traders juggling easing global risk cues against local macro nerves.

The Sensex fell 135.03 points, or 0.18%, to close at 75,183.36. Nifty today slipped just 4.30 points, or 0.02%, to 23,654.70, after spending a good part of the day in the green and then giving up gains into the close.

A day that started strong, then faded

Early trade had the makings of a cleaner risk-on move. Global equities were firmer, and crude had cooled from recent spikes, helping cyclicals and rate-sensitive pockets open better.

But the market could not hold altitude. Through the afternoon, profit booking and stock-specific selling pulled the benchmarks off their highs. The day’s narrative was less about panic and more about positioning: investors stayed willing to buy the broader market, but turned cautious on heavyweight sectors where earnings, valuations or rates remain key swing factors.

The macro overhang: crude, rupee, rates

Brent crude hovering around $105 per barrel kept inflation sensitivity front and centre. Elevated energy prices matter immediately for India because they feed into the trade deficit, the rupee, and expectations for interest rates.

Adding to the caution were reports and chatter around the policy response mix. Market participants tracked bond-yield moves and the rupee closely through the day, particularly because any perception of tighter domestic financial conditions tends to hit financials and consumption-linked names first.

Global cues helped, but did not settle nerves

Overnight, US equities had moved higher as oil eased and Treasury yields softened, with tech sentiment boosted by the broader AI trade. Across Asia, risk appetite improved, supported by chip-linked momentum.

For Dalal Street, those cues were supportive but not decisive. The Indian tape remains more sensitive than usual to the oil-yield-rupee triangle, especially in a week where markets are trying to stabilise after recent volatility.

Benchmarks flat, but breadth stayed healthy

The most telling part of the session was beneath the index level. Market breadth remained positive, and broader indices outperformed.

Smallcaps extended their relative strength, while volatility cooled further with India VIX down about 3% during the session, signalling that traders are less willing to pay up for near-term protection than earlier in the week.

This combination - flat benchmarks, strong breadth, lower VIX - typically points to selective risk-taking rather than an outright risk-off mood.

Sectors: realty leads, defensives and select heavies lag

Realty names led sectoral gains, reflecting a bias for rate-sensitive plays whenever yields do not spike sharply. Healthcare also held up better, while select auto counters showed resilience.

On the other side, IT and FMCG were among the laggards, and parts of financials remained under pressure. A large part of the index drag came from heavyweight moves rather than broad-based selling.

Stocks in focus: earnings, deals, and IPO lanes

In individual names, investors reacted sharply to results and corporate actions:

Sansera Engineering drew attention after a strong Q4 print. The company reported profit more than doubling to Rs 123.1 crore, revenue up 28% to Rs 998.7 crore, and EBITDA margin expanding to 19.3%. The stock jumped 16%.

Adani Power said it will acquire a 24% stake in Jaiprakash Power Ventures and thermal assets from Jaiprakash Associates for Rs 4,193.59 crore, following NCLT and NCLAT approval of the resolution plan. The deal keeps the spotlight on consolidation and asset churn in the thermal power ecosystem.

Sammaan Capital posted a steep Q4 consolidated net loss of Rs 8,101.4 crore, hit by Rs 6,499.1 crore in exceptional items and Rs 2,958.1 crore of impairment charges, while NII fell 92% to Rs 84.3 crore. The numbers underline why the market is staying unforgiving on balance-sheet stories.

In the IPO pipeline, Hyundai Motor India received Sebi approval to float its IPO, a key regulatory milestone for the listing.

Separately, a report suggested Reliance’s Jio Platforms IPO may face delays amid market volatility linked to the Iran conflict and valuation concerns. If volatility persists, primary-market calendars could become more staggered even for large issuers.

Policy watch: RBI dividend chatter in the background

Investors also tracked reports that the RBI could deliver a record dividend transfer of around Rs 3.5 lakh crore to the Centre for FY27, helped by gains linked to currency volatility and forex operations.

If such a transfer materialises, it could influence the government’s borrowing math and the bond market’s supply expectations. For equities, the immediate transmission is via rates: anything that changes bond-supply expectations can ripple into sector leadership, particularly banks, real estate and other rate-sensitive plays.

What it means for investors

Thursday’s trade reinforced a pattern: the market is not starved of buyers, but it is choosy about where it wants exposure.

Broader-market strength suggests domestic risk appetite is intact, but the lack of decisive index upside shows that investors still want clarity on crude direction, currency stability and the path for yields.

Triggers to track next

The next few sessions are likely to hinge on a tight set of variables:

Crude oil trajectory - any sustained move above current levels can quickly reopen inflation and margin concerns.

Rupee and bond yields - traders will watch for signs of renewed stress that could pressure financials and other index heavyweights.

Global tech sentiment and US yields - the AI-led bid is helping risk appetite, but higher global yields can cap valuation multiples.

Primary market tone - with Hyundai’s Sebi nod and Jio IPO timing under watch, the market’s ability to absorb large issuance will be a key tell.

For now, stock market today action reads as consolidation with a bias for selective buying, rather than a clean trend day in either direction.