Mumbai, Aug 13: Equity benchmarks opened little changed on Thursday as investors balanced robust domestic growth indicators against lingering concerns over crude oil prices.

Sensex opened 145.56 points or 0.19 per cent higher at 78,111.91, while Nifty slipped marginally by 4.35 points or 0.02 per cent to 24,431.60.

Sector-wise, Nifty Media index rose 0.61 per cent, followed by Nifty Auto which gained 0.39 per cent.

On the other hand, rate-sensitive and heavyweight sectors witnessed selling pressure. Nifty Realty declined 0.81 per cent, Nifty IT fell 0.69 per cent, while Nifty PSU Bank, Oil & Gas and Private Bank indices shed up to 0.61 per cent.

According to market experts, equities are likely to remain in a consolidation phase in the near term due to strong domestic macroeconomic fundamentals and sustained inflows from domestic investors.

High-frequency indicators such as GST collections, freight movement, automobile sales and credit growth continue to signal resilience in the economy and could support earnings growth going forward, they added.

However, elevated crude oil prices and uncertainty surrounding their future trajectory remain key risks for the market, the experts said.

Technical analysts noted that Wednesday’s rebound from the 20-day moving average and the formation of a hammer candlestick pattern have improved the near-term outlook.

“The recent price action has opened the possibility of a move towards the 24,540-24,666 zone initially, followed by 24,850-25,100. However, some consolidation may emerge near 24,490,” according to them.

Meanwhile, Brent crude slipped more than 1 per cent to $87.75 a barrel, while US West Texas Intermediate (WTI) fell 1.64 per cent to $81.90 per barrel, helping ease concerns over inflationary pressures and input costs.

New Delhi, Aug 12: Godrej Consumer Products Limited (GCPL) shares plunged 10 per cent to hit a 52-week low and the lower circuit on Wednesday in the morning session trade after the company announced the immediate resignation of Sudhir Sitapati as Managing Director and Chief Executive Officer (MD & CEO).

The FMCG company’s stock fell as much as 10 per cent to Rs 916.20, touching a 52-week low and lower circuit. From the 52-week high of Rs 1,308.40, the stock has tumbled about 30 per cent.

At around 10:30 am, GCPL shares were trading at 929.55, down more than 8.69 per cent on the BSE.

However, around 2.9 million GCPL equity shares changed hands across the NSE and BSE during the first three minutes of trading, indicating heightened investor activity following the leadership change.

On Tuesday after market hours, the company announced that Sitapati was stepping down from his position with immediate effect.

Additionally, the board has appointed Aasif Malbari — currently Global Chief Financial Officer and President of Godrej Africa — as the new Managing Director and Chief Executive Officer, also with immediate effect.

Malbari will succeed Sitapati, who had been leading GCPL as its MD & CEO.

According to the company, Malbari has around three decades of experience across the fast-moving consumer goods (FMCG) and automobile sectors, having worked with GCPL, Tata Motors and Hindustan Unilever.

As Global CFO at GCPL, Malbari has been responsible for business strategy and has worked closely with leadership teams across geographies to drive growth and strengthen performance, the company said.

Moreover, GCPL stock has witnessed selling pressure across different horizons, declining about 22 per cent in the last one year, 9 per cent in the past three years and 6 per cent over the past five-year period.

In shorter periods, the FMCG stock slipped 15 per cent in one month, nearly 23 per cent in the last three months.

New Delhi, Aug 11: Domestic equity markets opened flat on Tuesday after surge in crude oil prices, while information technology and consumer durables stocks gained offset by weakness in banking and financial counters.

Sensex opened 32.67 points or 0.04 per cent lower at 78,509.77, while Nifty started the session declining 8.70 points or 0.04 per cent at 24,575.10.

Sector-wise, Nifty MidSmall IT & Telecom rose 0.73 per cent, Nifty Consumer Durables gained 0.66 per cent and Nifty IT advanced 0.63 per cent. Real estate, auto and pharmaceutical shares also traded in positive territory.

On the other hand, banking stocks were under pressure as Nifty Private Bank fell 0.64 per cent and Nifty PSU Bank declined 0.62 per cent.

Market experts said rising crude oil prices remained an irritant for equities, although improving domestic fundamentals, better-than-expected June-quarter earnings and stability in the rupee were providing support.

“Rising Brent crude price continues to be an irritant for the market even as other fundamentals exhibit strength,” they said, adding that foreign institutional investors turning buyers, encouraged by better-than-expected Q1 results and rupee stability, could keep the market resilient with a slight upward bias.

According to analysts, robust domestic consumption could sustain earnings growth through FY27, while large FCNR (B) inflows may support the rupee and, in turn, facilitate further foreign investor inflows.

Foreign investors are also rotating capital away from the so-called ‘chip trade’ in South Korea and Taiwan and compensating for their under-ownership of Indian equities, the experts said.

Interestingly, such flows are being directed towards relatively expensive sectors such as telecom, renewable energy, capital goods and pharmaceuticals rather than attractively valued banking majors, they said.

From a technical perspective, analysts see immediate support for the Nifty in the 24,400-24,450 zone and resistance at 24,750-24,800. Holding above the support zone could keep the index’s sideways-to-positive bias intact, with buying interest likely to emerge on dips. A decisive break above 24,750-24,800 could improve momentum and provide a fresh directional trigger.

Brent crude, the international benchmark, rose 0.41 per cent to $88.08 a barrel, while US West Texas Intermediate crude gained 0.47 per cent to $82.52 a barrel.

Asian markets were mixed in early trade. Japan’s Nikkei rose around 2 per cent and South Korea’s KOSPI gained more than 1 per cent, while Hong Kong’s Hang Seng declined 0.6 per cent.

US equities ended marginally lower on Monday, with the S&P 500 declining 0.06 per cent and the Nasdaq falling 0.32 per cent.