Indian equity markets remained range-bound on Thursday, with the Nifty 50 and Sensex showing minimal movement for the third consecutive session. While technology stocks saw gains fueled by export demand, banking shares faced pressure, keeping indices in a tight band amid global uncertainty.
Indian stock benchmarks traded in a narrow range during Thursday's session as investors exercised caution due to global geopolitical tensions and awaited crucial U.S. economic data. The Nifty 50 was trading at 24,296.05, a marginal increase of 0.19 percent, while the Sensex stood at 77,828.31, up 0.22 percent. This session marks the third consecutive day that major indices have struggled to find a clear direction, hovering within established trading bands.
IT Sector Gains Amid Market Consolidation
The technology sector emerged as a bright spot, with the Nifty IT index recording gains for the fifth straight session. Investor interest in IT stocks appears supported by expectations of steady export demand and positive company outlooks. Among the top performers in the Nifty 50, Wipro led the charge with a 2.64 percent rise, while Tech Mahindra and Infosys also contributed to the index gains. This positive movement in IT has provided some support to the broader market as other heavyweights faced selling pressure.
Banking Stocks Face Sustained Pressure
Contrasting the IT rally, the banking sector remained a drag on overall market performance. The Bank Nifty index continued to struggle to maintain its footing above the 57,000 mark. Notable laggards in this space included ICICI Bank and Axis Bank, which weighed on the broader index. Analysts frequently monitor banking sector performance as a proxy for domestic economic health, and the current underperformance highlights ongoing caution among institutional investors regarding the sector.
Market Breadth and Technical View
Market breadth on the BSE showed a slight tilt toward negative territory, with 2,136 stocks declining compared to 1,611 advances. Despite the lack of an overall index rally, 89 stocks managed to reach new 52-week highs, suggesting selective buying activity in specific themes, while 58 stocks touched 52-week lows. On the technical front, investors may track the Nifty’s immediate support zone between 24,130 and 24,150. A failure to hold this support could lead to further testing of the 23,980–24,000 level, while resistance remains fixed in the 24,370–24,390 range. The next significant market shift will likely depend on incoming U.S. inflation data, which often dictates the interest rate path set by the Federal Reserve, subsequently influencing global capital flows into emerging markets like India.