Mumbai (Maharashtra) [India], May 27 (ANI): Domestic equity markets closed on a mixed and range-bound note on Wednesday as investor sentiment remained cautious amid continued foreign institutional investor (FII) selling and global uncertainty linked to developments in West Asia.

The NSE Nifty 50 index closed at 23,907.15, down 6.55 points or 0.03 per cent, while the BSE Sensex ended at 75,867.80, declining 141.90 points or 0.19 per cent.

Market experts said benchmark indices continued to remain within a narrow range, while midcap stocks showed stronger momentum due to recovering domestic inflows.

Vinod Nair, Head of Research at Geojit Investments, said, 'Main indices remain range-bound, while midcaps have entered a new zone supported by recovering domestic inflows that are offsetting FII selling. This shift reflects expectations of an earnings and valuation reset as prospects for US-Iran peace improve.'

He further added that even if the first quarter of FY27 remains soft, India's broader macroeconomic fundamentals remain strong and one weak quarter is unlikely to significantly change the long-term outlook.

Sector-wise, NSE indices closed with a mixed trend on Wednesday. Nifty Auto emerged among the top gainers with a rise of 1.77 per cent, while Nifty Media surged more than 3 per cent and Nifty Metal gained 1.68 per cent. Nifty Pharma also ended higher by 0.22 per cent and Nifty PSU Bank gained 0.27 per cent.

Among the sectors that closed lower, Nifty Financial Services declined 0.73 per cent, Nifty Private Bank fell 0.40 per cent, Nifty Oil and Gas slipped 0.21 per cent, while Nifty FMCG and Nifty IT declined 0.11 per cent and 0.12 per cent respectively.

On the commodities front, Brent crude oil prices continued their downward trend and remained below the USD 100 per barrel mark. However, prices were still elevated compared to historical averages and were trading around USD 96 per barrel at the time of filing this report.

The Indian rupee traded largely stable at Rs 95.63 against the US dollar.

Gold prices also remained under pressure and declined 0.33 per cent to Rs 1,57,100 per 10 grams for 24 karats. Silver prices slipped 0.82 per cent to Rs 2,68,400 per kg.

Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said the immediate resistance for Nifty is placed in the 24,030-24,050 zone.

He added that a sustained move above this level could push the index towards 24,200, followed by 24,350 in the short term, while immediate support remains around the 23,720-23,700 zone.

Among other Asian markets, Japan's Nikkei 225 index closed 0.52 per cent higher at 65,334, while Taiwan's weighted index gained 1.65 per cent to close at 44,256. South Korea's KOSPI index surged more than 2 per cent to close at 8,228. However, Hong Kong's Hang Seng index declined 1.12 per cent to 25,316, while Singapore's Straits Times remained closed due to a holiday. (ANI)