Market Analysis from HDFC Securities

Nifty Closes Marginally Higher After Highly Volatile Trade

 After opening 31 points higher on the back of strong global cues, Nifty advanced steadily through the first half, hitting an intraday high of 26,010. However, post 1:45 p.m., the momentum reversed sharply as the index slipped 144 points from its peak. Despite the late profit booking, Nifty managed to end flat with a marginal gain of 3 points at 25,779. Market participation remained light, with NSE cash market turnover falling 5 percent compared to the previous session.

Among Nifty constituents, Asian Paints, Hindalco, and Indigo led the gains, while ETERNAL, Tata Motors (Commercial Vehicles), and M&M witnessed profit booking, emerging as the top laggards.

Sectoral performance presented a mixed picture. Leading the gains were the Nifty Metal, Realty, and Pharma indices. The decline was spearheaded by the Nifty PSU Banks, Media, and FMCG indices, which ended as the top losers.

The broader markets underperformed the benchmark. Both the Nifty Midcap 100 and Smallcap 100 indices registered a decline of 0.4 percent. Market breadth turned weak, with declining shares outweighing advancing ones; the Advance-Decline ratio on the BSE settled at 0.77.

In the currency market, the Indian rupee extended its decline for a second straight session, depreciating 4 paise to settle at 88.67 against the U.S. dollar. However, it recovered part of its losses in late trade, likely supported by RBI’s intervention through dollar sales in the onshore market.

Technically, Nifty remains in uptrend, with immediate resistances placed at 26,100 and 26,277, while support is seen near 25,715.

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