Market Wrap

Indian equities saw a choppy session on Thursday, with the Nifty opening near 25,000 after a positive GST Council outcome but slipping steadily to settle just above 24,700, erasing early gains. Auto stocks continued their winning streak and remained the highlight of the day, while profit booking dominated most other sectors. PSU stocks gained traction after the government advanced its FY26 disinvestment roadmap, announcing plans to invite bids for two major PSU stakes by year-end. Globally, US markets closed mixed, and this muted sentiment spilled over into Asian and European trading. Meanwhile, oil prices eased after OPEC+ reaffirmed steady output levels, offering some relief to energy importers, while FII flows remained subdued and the rupee stayed rangebound.

What's Ahead

Market sentiment in the near term will be shaped by global developments, particularly upcoming US jobs data and Federal Reserve commentary next week, which are expected to influence foreign fund flows. Domestically, auto and select PSU names are likely to remain in focus, but unless Nifty breaks decisively above the 24,950–25,000 resistance zone, upside momentum may stay limited.

Market Snapshots

Institiutional Activity

Sectoral Performance

Technical Outlook

Nifty 50

The NIFTY 50 index ended marginally higher by 0.08% at 24,734.3, reflecting a cautious undertone despite early strength. The advance-decline ratio was weak, with 31 stocks in the red versus 19 gainers, and most IT heavyweights saw profit booking. The session was dominated by sharp gains in M&M, Bajaj Finance, and Apollo Hospitals, while Reliance, Infosys, and HDFC Life were among the key drags. Nifty opened near 24,900 on strong global cues and optimism around GST rate cuts but failed to sustain momentum, with sectoral indices showing mixed trends. Nifty Auto outperformed, while FMCG managed mild gains. The index continues to face resistance at higher levels, with near-term support placed at 24,558 and 24,448, while resistance levels are at 24,911 and 25,020.

Bank Nifty

The NIFTY BANK index closed almost flat at 54,075.45, up just 7.9 points (0.01%), as sectoral weakness offset gains in HDFC Bank, ICICI Bank, and IDFC First Bank. Despite holding above the psychologically important 54,000 mark, nine of its twelve constituents closed lower, with Federal Bank, IndusInd Bank, and Canara Bank dragging sentiment. The index opened firm but slipped intraday, indicating persistent caution. Momentum remains weak, with RSI below 40, signaling a lack of buying strength. Key support is seen at 53,463 and 53,084, while resistance is placed at 54,668 and 55,067.

Sensex

The SENSEX closed 150.3 points higher at 80,718.01, up 0.19%, but the gains were narrow, driven largely by strong moves in M&M, Bajaj Finance, and HDFC Bank. Broader market sentiment was weak, with 19 of 30 constituents closing in the red. Selling pressure was evident in Reliance, Infosys, NTPC, Power Grid, and Maruti, limiting upside potential. The index’s resilience was supported by select heavyweights, though overall market breadth remains negative. Near-term support levels are pegged at 80,131 and 79,769, while resistance is seen at 81,305 and 81,667.

FINNIFTY

The NIFTY FINANCIAL SERVICES index rose 121 points (0.47%) to settle at 25,853.4, supported by strong buying in Bajaj Finance and ICICI General Insurance. However, breadth within the index was weak, with 12 out of 20 stocks declining, reflecting continued caution in financial names. Losses in HDFC Life and Power Finance Corporation capped gains. Despite this, the index has managed to hold above key support levels, suggesting selective accumulation. Overall, sentiment in financials remains mixed, with investors rotating into select outperformers rather than broad-based buying.