Indian Stock Market Closes Week on Cautious Note Amid Global Uncertainty
The Indian stock market closed the week on a cautious note, extending its recent corrective trend due to high crude oil prices, rising global bond yields, and geopolitical tensions. The key benchmark indices, Sensex and Nifty 50, experienced volatility throughout the week, staging a recovery at one point before ending largely unchanged.
The Nifty 50 index slipped about 0.47% to close at 24,252, while the Sensex declined nearly 0.60% to settle at 77,540.83. The broader markets showed relative resilience, with the SmallCap index gaining around 1.2% and the MidCap index edging marginally lower.
Market analysts are looking towards three key themes: the Federal Reserve's policy trajectory, Nvidia's quarterly results, and the unresolved U.S.-Iran conflict. Ponmudi R, CEO of Enrich Money, notes that Indian equities will be influenced by the interplay between crude oil prices, U.S. Treasury yields, and the dollar.
On the technical outlook, Hitesh Tailor of Choice Equity Broking says that Sensex continues to trade around its 50-Day EMA but remains below the crucial 200-Day EMA. The overall bias is Sideways to Cautious, with immediate support at 77,000-77,380 and resistance at 77,720-78,000.
Ajit Mishra of Religare Broking observes that Nifty 50's immediate support lies in the 24,000-23,800 zone, followed by stronger support near 23,650. The key resistance area is 24,400-24,600, and a decisive breakout above this range could trigger a fresh recovery.