CHENNAI: Indian equity markets traded in a narrow range on Friday (October 31), amid cautious sentiment led by weak global cues and profit-booking in select heavyweights.
At around mid-morning, the Sensex hovered between 84,100 and 84,500, recovering slightly from early losses, while the Nifty 50 was seen fluctuating in the 25,800–25,900 range. Market breadth remained largely balanced, with an almost equal number of advancing and declining stocks, indicating a phase of consolidation rather than a decisive trend.
Globally, investors turned cautious after the US Federal Reserve signalled a slower approach to rate cuts, dampening risk appetite across markets. Ongoing trade tensions between the US and China also weighed on sentiment.
On the domestic front, analysts said the market is likely to remain range-bound as investors await fresh triggers. Despite the muted tone, corporate earnings have provided some support, with several companies posting healthy Q2 results.
Sector-wise, metals, auto, and capital goods stocks showed relative strength, while banking and financial shares saw selective selling pressure. Stocks such as Navin Fluorine outperformed on strong quarterly results.
Analysts expect the Nifty to move within a range of 25,700 to 26,100 for the rest of the session, with 25,700 acting as key support and 26,100 as resistance. Any strong domestic cue or positive global development could lift sentiment and push the market higher.
Overall, the mid-morning trend suggests a phase of cautious consolidation for Indian equities, as traders await clearer signals from both domestic and global fronts before taking fresh positions.