Markets Snap Four-Day Fall, IT Stocks Lift Indices, Traders Cautious Ahead Of RBI Decision

Mumbai: Indian stock markets closed in the green on Thursday, breaking a four-day losing streak. Buying in IT stocks and slight improvement in the rupee helped the indices recover. The Sensex ended at 85,265.32, up 158.5 points, while the Nifty closed at 26,033, gaining 47.75 points. Even though the markets closed higher, the gains were limited as investors remained careful ahead of the RBI Monetary Policy Committee’s announcement scheduled for Friday.

Broader Markets Stay Soft

While the main indices gained, the broader market remained weak. The Nifty MidCap 100 closed almost flat with a slight negative tone, and the Nifty SmallCap 100 fell 0.24 percent. This shows that only select large-cap stocks helped lift the market.

Sector Performance: IT Shines, Media Drops

Among sectors, Nifty IT performed the best, rising 1.4 percent. Realty, FMCG, Auto, Pharma, Metal, and Chemical stocks also saw some buying. But Nifty Media fell sharply by 1.45 percent. Banking, Financial Services, Consumer Durables, and Oil & Gas shares also declined.

On the Sensex, TCS, Bharat Electronics, Tech Mahindra, Infosys, and HCL Tech were the top gainers. Reliance, Maruti Suzuki, Kotak Mahindra Bank, Titan, and Eternal were among the main losers.

Rupee Firms Up Slightly

The rupee strengthened by 0.28 paise to 89.91 against the US dollar. Analysts expect the rupee to move between 89.80 and 90.25, depending on RBI’s policy outcome.

Technical View: Key Levels in Focus

Analysts said the Nifty stayed mostly below the 21-day EMA on hourly charts, showing that selling pressure was still present. They added that the 26,100–26,150 range would act as an important resistance zone. Support, on the other hand, is likely around 25,900–25,950.

Experts also warned that if the index slips below 26,000, it might quickly fall towards 25,950–25,900, as the chart setup looks weak on shorter timeframes.

Market Outlook

Shrikant Chouhan of Kotak Securities said the market was highly volatile but managed to stay above 26,000/85,000—an encouraging sign. He added that a pullback may continue if support levels hold.