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Benchmark equity indices ended lower on Thursday after giving up gains made during the session, as investors assessed the inflation outlook amid rising crude oil prices and movements in bond yields that raised concerns over interest rates.

The Sensex declined 417.49 points, or 0.55 per cent, to settle at 76,152.86. The Nifty fell 41 points, or 0.17 per cent, to close at 23,873.45.

Commenting on the Nifty’s technical outlook, market experts said the 24,000 mark remains a crucial resistance level on the upside, while 23,800 is an important support zone.

“On the downside, the 23,800 zone remains the immediate and crucial support level,” an analyst said.

The index has so far managed to hold above this level, but a decisive break below 23,800 could increase selling pressure and drag the Nifty towards 23,600, the expert said.

Market sentiment remained cautious as rising crude oil prices raised concerns over their impact on inflation. Movements in bond yields also added to expectations that interest rates could remain elevated for longer.

Among Nifty constituents, Bajaj Auto, Tech Mahindra and Trent were the biggest laggards, weighing on the benchmark index.

However, the broader market showed resilience despite weakness in the headline indices. The Nifty MidCap index gained 0.37 per cent, while the Nifty SmallCap index advanced 1.2 per cent.

Sectoral performance remained mixed. The Nifty Realty index was the biggest underperformer, declining more than 2 per cent during the session. The Nifty Media, Nifty Private Bank, Nifty PSU Bank and Nifty Bank indices also ended lower.

Meanwhile, the Nifty IT, Nifty Auto, Nifty FMCG and Nifty Healthcare indices also remained under pressure.

Experts said the session reflected continued caution among investors as markets weighed rising oil prices, inflationary pressures and the outlook for interest rates.

Meanwhile, the rupee remained relatively strong at 94.48 against the US dollar, supported by improved dollar liquidity. FCNR deposits of around $127 billion are providing additional buffers to manage sharp currency movements and prevent a rapid fall in the rupee.

“Rupee is expected to maintain a positive bias, with the range seen between 94.25–95.00,” an analyst said.