Broader markets traded in a narrow range but outperformed the benchmark. The Nifty Midcap 100 inched up by 0.03%, while the Nifty Smallcap 100 gained 0.26%, bucking the overall trend.
Among sectoral indices, Nifty Media, Consumer Durables, and Healthcare were the top gainers, indicating strong buying interest in select pockets. Meanwhile, Nifty PSU Bank, Metal, and Realty indices declined, contributing to the overall weakness in the market.On the stock-specific front, Vedanta fell over 2% after its demerger process reportedly hit a potential hurdle at the National Company Law Tribunal (NCLT).
Newly-listed HDB Financial Services, a subsidiary of HDFC Bank, extended its listing-day gains by rising another 6% today, following a 13.5% jump on debut.
Meanwhile, foreign investors were net sellers in the cash market on Thursday, while domestic investors were net buyers.
Overall, markets remained range-bound amid global caution, as investors awaited updates on key US trade agreements.
Looking ahead, markets are expected to stay in consolidation mode, with a wait-and-watch approach likely to prevail amid ongoing trade negotiations and key US economic data releases, including jobless claims, nonfarm payrolls, services PMI, and the unemployment rate, due later today, said Siddharth Khemka of Motilal Oswal.
Investors will also watch for Q1 business updates, which could lead to stock-specific moves.
According to Nandish Shah of HDFC Securities, the Nifty appears to be in a correction phase over the past four trading sessions. He said that previous swing highs at 25,317 and 25,222 could act as support, while 25,600 may pose near-term resistance.
Rupak De of LKP Securities added that the Nifty formed an inside bar on the daily chart, indicating indecision among traders, as they await developments on the US-India trade front. He said that the index remains below the resistance level of 25,500 and above the key support of 25,300. As long as this 25,300-25,500 range holds, the index is likely to continue trading sideways.
As long as the Nifty sustains above 25,260 on a closing basis, the outlook remains positive, and the ongoing dip can be viewed as a potential re-entry opportunity, said Om Mehra of SAMCO Securities. “A decisive move above 25,580 may renew the uptrend, with immediate upside levels seen at 25,740, followed by 25,850.”
The Nifty Bank index ended the session at 56,791.95, registering a decline of 0.36%.
According to Mehra, the support zone to monitor lies around 56,300–56,400. He said the primary trend remains positive, and any consolidation above 56,000 may serve as a base-building phase. “A decisive close above 57,200 will be essential to invalidate the current hesitation and open the path toward a new high.”
