Markets witnessed a choppy trading session on Friday, with benchmark indices swinging between gains and losses before settling largely flat. The BSE Sensex moved in a narrow range amid mixed cues, while the Nifty 50 managed to stay close to the 25,300 mark, supported by selective buying in metal and energy stocks.
Investor sentiment remained cautious due to continued foreign institutional investor (FII) outflows, even as global markets showed mild stability. Market participants preferred stock-specific positions ahead of key earnings announcements and broader macro cues.
On the gainers’ side, metal stocks led the rally, supported by firm global commodity prices. Shares of JSW Steel, Tata Steel and Hindalco advanced during the session. Select PSU stocks and oil & gas counters, including BPCL and ONGC, also saw buying interest. Defensive stocks in the pharma and FMCG space traded marginally higher, offering limited support to the indices.
However, gains were capped by weakness in banking and IT stocks. Private sector banks, including IndusInd Bank and Bandhan Bank, remained under pressure on concerns over margins and asset quality. IT majors slipped amid muted global tech sentiment and cautious outlook commentary. Aviation stocks, led by InterGlobe Aviation (IndiGo), declined after recent profit concerns and rising operational costs weighed on sentiment.
Mid-cap and small-cap stocks traded mixed, reflecting selective risk appetite. Overall market breadth remained slightly negative, indicating lack of broad-based buying.
Going ahead, analysts expect markets to remain range-bound in the near term, with movements driven by earnings results, global market trends, currency movement and expectations around the Union Budget.