Market Wrap

Indian equity markets witnessed another volatile weekly expiry session, with the Nifty 50 ending marginally lower by 0.14% near the 23,618 mark. The index opened on a firm note and maintained gains through the first half, supported by selective buying in technology counters. However, profit booking in heavyweight stocks during the latter half erased intraday gains and dragged the benchmark into negative territory by the close.

Broader markets largely traded in a narrow range as investors remained cautious amid mixed global cues and persistent uncertainty surrounding foreign institutional investor activity. The IT sector emerged as the key outperformer for the third consecutive session, indicating continued institutional preference for defensive and export-oriented technology names. Meanwhile, sentiment remained subdued across other major sectors as traders avoided aggressive positioning ahead of fresh global economic triggers.

Globally, market sentiment stayed mixed after cautious overnight moves in US equities and indecisive trends across Asian and European markets. One of the major market discussions remained the absence of Indian companies such as Reliance Industries, HDFC Bank, and Tata Consultancy Services from the global top-100 market capitalization rankings, highlighting the recent relative underperformance of Indian large-cap stocks. On the commodity front, Brent crude prices remained elevated near $110.5 per barrel, keeping inflation concerns active for emerging markets like India.

What's Ahead

Markets are expected to remain highly stock-specific in the coming sessions as investors closely track global inflation trends, crude oil movement, and upcoming commentary from the US Federal Reserve. Elevated oil prices may continue to pressure sectors sensitive to rising input costs, while strength in IT could provide some support to benchmark indices.

Technically, Nifty faces immediate support around the 23,515–23,480 zone, while resistance is placed near the 23,800–23,840 range. Traders will also keep a close watch on FII activity, as sustained foreign selling continues to weigh on sentiment in frontline Indian equities.

Market Snapshots

Institutional Activity

Sectoral Performance

Technical Outlook

Nifty 50

The NIFTY 50 ended marginally lower at 23,618 after witnessing sharp intraday volatility and profit booking in heavyweight banking, telecom, FMCG, and energy stocks. Despite strong buying support from IT majors such as Infosys, HCL Technologies, and Tata Consultancy Services, the index failed to sustain above higher levels as cautious global sentiment, elevated crude oil prices, and rupee weakness weighed on market confidence. Technically, the RSI continues to hover above the 40 mark, suggesting cautious momentum with no clear bullish strength yet. The index now faces immediate resistance near the 23,906–24,084 zone, while crucial support is placed around 23,330–23,152. A sustained move above resistance levels could trigger fresh upside momentum, whereas a break below support may increase downside pressure in the near term.

Bank Nifty

The NIFTY BANK closed lower at 53,409.15 amid persistent weakness in heavyweight private banking stocks, particularly Kotak Mahindra Bank, HDFC Bank, and ICICI Bank. Although buying in PSU lenders such as State Bank of India and Punjab National Bank helped limit losses, the index remained under pressure during the second half of the session. Technically, the RSI near the 40 level indicates weakening momentum and lack of strong directional conviction. Immediate support for the index is seen around 52,571–52,053, while resistance is placed near 54,247–54,766. The banking index may continue to witness volatile moves unless private banking stocks show signs of sustained recovery.

Nifty Financial Services

The NIFTY FINANCIAL SERVICES index settled lower at 25,283.40 as selling pressure in private banks and select NBFC counters outweighed gains in insurance and PSU-linked financial stocks. Weakness in Kotak Mahindra Bank, HDFC Bank, and Bajaj Finserv kept the index subdued, while buying interest in BSE Limited, SBI Life Insurance, and HDFC Life Insurance provided support. Technically, the broader structure remains range-bound, with investors closely monitoring whether the index can defend key support levels near 24,384–23,827. On the upside, resistance is seen at 26,183–26,739, and a breakout above this range could improve medium-term sentiment across financial counters.

Sensex

The BSE SENSEX ended 114 points lower at 75,200.85 as weakness in private banking, telecom, consumption, and heavyweight energy stocks offset strong gains in IT shares. Selling pressure in stocks such as Kotak Mahindra Bank, Reliance Industries, and Bharti Airtel kept the benchmark under pressure, while strong buying in technology majors including Infosys and HCL Technologies helped cushion the decline. Technically, the index continues to trade in a broad consolidation range with cautious undertones. Immediate support is placed around 74,198–73,577, while resistance is seen near 76,204–76,824. A decisive move beyond either range could determine the next directional trend for the broader market.