Mumbai: Indian equity markets ended on a quiet note on Thursday as investors avoided taking big positions ahead of the Reserve Bank of India’s Monetary Policy Committee (MPC) decision scheduled for Friday.
The benchmark indices moved within a narrow range throughout the trading session. Market participants remained cautious as the RBI’s policy outcome is expected to provide important signals on interest rates and liquidity conditions.
Benchmark Indices End Marginally Higher
The Sensex closed at 74,360.01, gaining just 13.84 points or 0.02 percent. The Nifty50 also ended in positive territory, rising 10.95 points or 0.05 percent to settle at 23,416.55.
Despite ending higher, the gains were limited as investors preferred to wait for clarity from the central bank before making fresh investments.
Key Levels to Watch
According to market experts, the 23,500 level on the Nifty remains an important resistance zone for the short-term trend.
A strong close above this level could improve market sentiment and push the index towards 23,600 and later 23,800, where significant selling pressure is expected.
On the downside, immediate support is placed between 23,300 and 23,350. A stronger support zone is seen around 23,150-23,200, which has attracted buying interest several times in recent sessions.
Broader Markets Continue to Shine
While frontline indices remained flat, broader markets performed better.
The Nifty MidCap index gained 0.46 percent, while the Nifty SmallCap index advanced 0.49 percent. The steady rise in mid-cap and small-cap stocks reflected selective buying interest among investors despite overall market caution.
Sector Performance Mixed
Sector-wise, market performance remained uneven.
The Nifty IT, Nifty Metal and Nifty Chemical indices ended lower, reflecting weakness in export-oriented and commodity-related sectors.
Among individual stocks, Infosys, Bajaj Finserv and Hindalco Industries were among the major laggards and weighed on the benchmark indices.
On the positive side, consumer-focused sectors attracted buying. The Nifty Consumer Durables and Nifty Media indices emerged as the top performers during the session.
Focus Shifts to RBI Decision
Market participants are now closely watching the RBI policy announcement. Any indication regarding future interest rates, inflation outlook or liquidity measures could influence market direction in the coming sessions and set the tone for investor sentiment.
