Stock Market Struggles: Range Bound Worries

Indian stock markets traded in a narrow range on Thursday, with the Sensex fluctuating between 74,834 and 74,521 before closing almost unchanged at 74,612. The Nifty remained range-bound, moving within 100 points before settling flat at 22,545. Analysts noted 22,500 as a key support level, warning of a potential decline toward 22,200 if breached.

Bajaj Finance and Bajaj Finserv led Sensex gainers, rising over 2%, while IndusInd Bank, HDFC Bank, Zomato, and Axis Bank saw modest gains. UltraTech Cement dropped nearly 5% after announcing its entry into the wires and cables sector, with other major laggards including Tata Motors and HCL Technologies. Broader markets faced selling pressure, with BSE MidCap and SmallCap indices slipping 1% and 2%, respectively.

NBFCs and MFIs outperformed after RBI eased risk weights on MFI loans, boosting stocks like CreditAccess Grameen and L&T Finance. Meanwhile, the rupee traded flat near 87.17, stabilizing after volatility, as market sentiment remained cautious amid FII selling and DII support.