Indian equity markets saw a flat close in a cautious session before the Reserve Bank of India’s Monetary Policy Committee (MPC) decision on Friday. The Nifty ended slightly higher at 23,416.55, while the Sensex closed marginally up at 74,360.01. Market experts highlighted 23,500 as a crucial level for the short-term trend.
According to analysts, breaching the 23,500 mark could boost sentiment, potentially leading to levels of 23,600 and 23,800. On the downside, support levels are seen at 23,300–23,350 and a stronger demand zone of 23,150–23,200. Despite some gains, market sentiment remained subdued as investors awaited the MPC’s decision.
While Infosys, Bajaj Finserv, and Hindalco Industries weighed on the Nifty, broader markets showed better momentum. The Nifty MidCap index closed higher by 0.46%, and the Nifty SmallCap index gained 0.49%. Sector performance was mixed, with Nifty IT, Nifty Metal, and Nifty Chemical indices underperforming, while Nifty Consumer Durables and Nifty Media indices stood out as top performers.
Investors are now looking towards the MPC meeting for insights into interest rates and liquidity conditions, which could influence the market’s near-term direction.
