CHENNAI: Indian equity markets were trading in a narrow range on Thursday morning, with both the Sensex and Nifty moving slightly lower. At mid-morning, other Asian markets were also trading cautiously. Indian benchmarks were rangebound under pressure from foreign selling, while Asian peers showed a mixed picture, with Japan and China posting modest gains but broader regional sentiment remaining subdued.
Around 10:40 AM, the Sensex was down by about 165 points at 81,549, while the Nifty was also marginally in the red.
Sector performance was mixed. Metal and energy stocks showed resilience, but losses in auto and consumer shares kept overall sentiment subdued. Market breadth remained balanced, reflecting cautious investor mood.
Foreign portfolio outflows continued to weigh on domestic equities, with investors showing little conviction to push markets higher. Analysts pointed out that the Nifty has strong support near 24,900, while resistance is seen around 25,150. A breach of support could trigger further downside pressure.
Overall, Indian markets were consolidating after recent weakness, with traders waiting for stronger cues before taking fresh positions.
Asian market trend
Across Asia, trading was largely muted with most markets holding in a tight range. Japan’s Nikkei inched higher, supported by expectations of policy support. While, China and Hong Kong markets were slightly positive, though gains remained modest.
South Korea’s KOSPI lagged, reflecting concerns over exports and trade outlook. The broader MSCI Asia-Pacific ex-Japan index was marginally lower as investors engaged in profit-taking and adjusted positions ahead of the quarter-end.
In the currency market, the Japanese yen continued to weaken, while crude oil prices retreated slightly from recent highs.