Concern on valuations, higher oil prices to keep markets in consolidation phase

The market traded range-bound after touching a new high as higher-than-expected US inflation and anticipation of hawkish ECB policy meetings on Thursday impacted investor sentiment, Vinod Nair, Head of Research at Geojit Financial Services, said.

Concern over valuations and inflation trajectory due to increasing oil prices may navigate the market into a consolidation phase in the near-term, he added

S. Ranganathan, Head of Research at LKP Securities said banks, autos and realty stocks helped benchmark indices close in the green "as we approached the festive season".

Several stocks were seen buzzing around across sectors in the broader markets in Thursday's trade with interested buying witnessed in sugar stocks on reports of dip in production from Maharashtra on account of deficient rains.

Positive data points across key metrics in August kept investors on their toes, he added.