Market May Consolidate Further

Mumbai: The benchmark indices continued to exhibit a range-bound trend, BSE Sensex was up by 10 points. Among sectors, selective metal and financial stocks experienced intraday buying interest, whereas the capital market and media indices corrected sharply, shedding over three per cent.

Technically, after a muted opening, the market hovered throughout the day within the range of 74,500 to 74,800. Additionally, the non-directional intraday activity and the small bearish candle on the daily charts indicate further consolidation.

Shrikant Chouhan, head (equity research), Kotak Securities, said: “We believe that 22,600/74,800 will serve as a key resistance zone for short-term traders; above this level, a pullback could continue up to 75,000-75,300.” Conversely, a fresh sell-off is likely only after a breach of 74,500; below this level, the market could slide down to 74,200-74000.

Vaibhav Vidwani, research analyst, Bonanza, said: “The Indian stock market closed on sideways. The BSE Sensex ended marginally higher at around 74,612, reflecting a gain of about 10 points. The broader market indices, however, faced more pressure, with the BSE Midcap index falling and the BSE Smallcap index declining.”

Sector-wise, Nifty Metal and Bank was among the gainers, rising by 0.50 per cent. Measure taken by RBI brought optimism in banking and NBFC stocks, the market sentiment remained cautious due to global uncertainties, including President Trump’s tariff policies and persistent foreign institutional investor selling.