Indian stock markets turned flat on Friday after a volatile trading session, with benchmark indices oscillating between gains and losses amid mixed global cues and profit booking at higher levels. The BSE Sensex closed at 58,798.28, down 0.02 percent, while the NSE Nifty settled at 17,539.45, up 0.01 percent, reflecting a near-flat close.
Market Performance Overview
The trading day began on a positive note, tracking gains in Asian markets, but soon turned volatile as investors booked profits in recent outperformers. The Sensex touched an intraday high of 59,012.34 and a low of 58,674.56, while the Nifty swung between 17,618.70 and 17,503.30. The broader markets outperformed, with the BSE Midcap index gaining 0.4 percent and the BSE Smallcap index rising 0.3 percent.
Sectoral Trends
Among sectoral indices, auto, metal, and realty stocks witnessed buying interest, while IT and FMCG stocks faced selling pressure. The Nifty Auto index climbed 0.8 percent, led by gains in Maruti Suzuki and Tata Motors. The Nifty Metal index rose 0.6 percent, supported by a rebound in global metal prices. On the other hand, the Nifty IT index declined 0.5 percent, dragged by Infosys and HCL Technologies.
Factors Influencing the Market
Analysts attributed the volatility to mixed global cues, with US markets closing lower overnight due to concerns over interest rate hikes. European markets were trading mixed, while Asian indices showed a varied trend. Domestic factors, such as sustained foreign institutional investor (FII) selling and uncertainty ahead of the US Federal Reserve's policy meeting, also weighed on sentiment.
Expert Commentary
"Markets are consolidating after the recent rally, and investors are cautious ahead of key events like the Fed meeting and domestic inflation data," said Vinod Nair, Head of Research at Geojit Financial Services. "We expect the market to remain range-bound in the near term, with stock-specific action based on earnings announcements."
Outlook
Going forward, market participants will closely monitor global macroeconomic data, crude oil prices, and the progress of the monsoon session of Parliament. Technically, the Nifty has support at 17,400 and resistance at 17,700 levels. A breakout on either side could determine the next directional move for the markets.
