Market Wrap

Indian markets ended largely unchanged on Thursday, with the Nifty50 managing a marginal 0.02% gain to close just below the 25,880 mark. The session was marked by volatility as early gains faded in the second half amid cautious positioning ahead of the Bihar Assembly election results and uncertainty surrounding the U.S. government funding resolution. The broader market mood remained tentative as the benchmark approached key resistance levels. Sectorally, pharma stocks extended their outperformance, with the Nifty Pharma Index rising 0.44%, underscoring a defensive bias among investors. In contrast, mild profit booking was visible across other major sectors.

Globally, the sentiment remained mixed — U.S. indices traded narrowly, with the Dow Jones edging higher and the Nasdaq slipping, reflecting investor hesitation ahead of key inflation data and the Fed’s December policy meeting. Asian and European equities also moved in tight ranges, mirroring the wait-and-watch tone. On the domestic front, industrial production data for September showed a healthy rebound, reinforcing optimism about manufacturing growth, though foreign fund inflows remained tepid as global investors awaited policy clarity.

What's Ahead

Markets are likely to open on a volatile note on Friday as investors react to the Bihar election results and adjust positions ahead of key global macro events. The Nifty50 now faces immediate resistance around 26,000–26,080, a level that could cap near-term upside, while support lies at 25,700–25,800. A breakdown below this zone could trigger short-term profit booking, especially after a five-session winning streak. With elevated event risk, traders are advised to maintain tight stop losses and reduce leverage, as the first trading hour could witness sharp swings driven by both political and global cues.

Market Snapshots

Institiutional Activity

Sectoral Performance

Technical Outlook

Nifty 50

The NIFTY 50 index closed almost unchanged at 25,879.15, up just 0.01% (3.35 points), reflecting a pause in momentum after its recent gains. The session saw alternating strength and profit booking, as the index traded between 25,808 and 26,010 before settling flat. Gains in Asian Paints (+3.77%), Hindalco (+2.47%), and IndiGo (+1.99%) provided support, while losses in Eternal (-3.69%), Tata Motors (-2.84%), and M&M (-1.46%) capped upside. The index’s RSI remained steady near 60, signaling mildly bullish momentum with consolidation bias. Technically, Nifty continues to hold above key support at 25,700, with additional downside cushions at 25,587. Resistance is seen near 26,068 and 26,182 - a breakout above which could open the door for a rally toward the 26,300 zone.

Bank Nifty

The Bank Nifty index posted a modest gain of 0.18%, closing at 58,381.95, as selective strength in ICICI Bank (+1.95%), Axis Bank (+0.55%), and AU Bank (+0.45%) offset losses in IDFC First Bank (-2.12%), Federal Bank (-1.43%), and HDFC Bank (-0.38%). The index maintained its position above the 58,000 mark, with intraday volatility contained within a narrow range. The RSI remains above 60, suggesting steady bullish undertones. Near-term support lies at 58,038 and 57,825, while resistance is placed at 58,726 and 58,939. Sustained movement above 58,900 could strengthen the uptrend toward the 59,200–59,400 levels, while a dip below 58,000 may invite short-term profit booking.

Sensex

The Sensex ended slightly higher at 84,478.67, up 12.16 points, indicating a range-bound yet resilient structure. The index was lifted by Asian Paints (+3.81%), ICICI Bank (+1.99%), Power Grid (+1.16%), and L&T (+1.16%), while selling in Eternal (-3.63%), Tata Motors (-2.26%), and Trent (-1.19%) limited gains. The market breadth was negative, with 18 decliners versus 12 gainers, showing mild fatigue at higher levels. On the technical front, immediate support is pegged at 83,895 and 83,540, while resistance is seen around 85,044 and 85,400. A sustained move above 85,000 would signal renewed bullish momentum.

FINNIFTY

The Nifty Financial Services (FinNifty) index rose 58.80 points (+0.22%) to close at 27,396.15, aided by strength in Muthoot Finance (+2.26%), ICICI Bank (+1.95%), SBI Card (+1.14%), and Bajaj Finserv (+1.06%). However, the broader tone was cautious as Shriram Finance (-1.09%), Bajaj Finance (-0.61%), and HDFC Bank (-0.38%) came under pressure. Despite the muted breadth (7 advances vs. 13 declines), the index’s structure remains stable above near-term support at 27,219 and 27,109. Resistance is capped at 27,574 and 27,684 - a close above this range could reinvigorate buying interest in the broader financial space.