Benchmark equity indices ended the day nearly unchanged, with a slight uptick, thanks to gains in information technology stocks that balanced out the weakness in FMCG and metal shares. The Sensex concluded 0.06% higher at 77,616.40, while the Nifty saw a 0.02% increase to settle at 24,211. Market experts highlighted the 24,300–24,400 range as a crucial resistance zone for the Nifty, with the upper limit closely linked to the 200-day Exponential Moving Average (EMA).
The technical outlook for Nifty suggests that breaching this band could strengthen bullish momentum, potentially leading to an upward move towards the 24,500–24,600 range. On the downside, the 24,000 mark remains a significant support level crucial for maintaining the broader recovery trend. The positive momentum was primarily driven by increased buying activity in leading IT stocks, with Tata Consultancy Services (TCS), HCLTech, and Tech Mahindra emerging as top gainers in the Nifty index.
While the broader market saw marginal gains, the Nifty MidCap index rose by 0.01%, and the Nifty SmallCap index advanced by 0.03%. Notably, the Nifty IT index outperformed other sectors, buoyed by gains in major technology stocks. Conversely, the Nifty FMCG and Nifty Metal indices experienced the most significant declines. Despite a subdued finish, late-session buying in IT stocks helped the benchmark indices recover from intraday lows, keeping the market in positive territory.
The rupee traded weaker, down by approximately 0.26% at 95.60, as a more than 4% surge in crude oil prices raised concerns about India’s import bill, exerting pressure on the domestic currency. Analysts anticipate the rupee to fluctuate within the 95.20–96.00 range in the near term.
