Benchmark equity indices ended marginally higher on Monday after trading in a narrow range for most of the session, as investors remained cautious amid uncertainty surrounding a potential deal to reopen the Strait of Hormuz.
Gains in select sectors helped markets stay positive despite weakness in PSU banks and FMCG stocks.
The Nifty settled 13.15 points, or 0.05 per cent, higher at 24,583.80, while the Sensex advanced 43.27 points, or 0.06 per cent, to close at 78,542.44.
Commenting on Nifty technical outlook, experts said that the 24,600–24,7000 zone continues to act as the immediate resistance area.
“A sustained breakout above 24,700 could strengthen buying momentum and open the way towards the 24,800 level,” an analyst stated.
“On the downside, 24,500 remains the immediate and crucial support, and holding above this level will be important to prevent renewed weakness. A decisive break below 24,500 could increase selling pressure and expose the index to the 24,400–24,300 region,” a market expert mentioned.
Both indices moved within a narrow range throughout the session before ending slightly in the green.
Market sentiment remained cautious as traders monitored global developments that could influence crude oil prices and broader risk appetite.
The muted movement in benchmark indices reflected a wait-and-watch approach among investors.
Among Nifty constituents, State Bank of India, ITC and Eternal emerged as the top laggards, weighing on the headline indices.
The broader market delivered a mixed performance. The Nifty MidCap index gained 0.62 per cent, while the Nifty SmallCap index slipped 0.27 per cent.
On the sectoral front, the Nifty PSU Bank index was the worst performer of the day, declining nearly 2 per cent.
The Nifty Pharma and Nifty FMCG indices also ended lower.
In contrast, real estate stocks attracted buying interest, with the Nifty Realty index emerging as the top-performing sector during the session.
Experts said that despite the positive closing, the lack of strong directional movement underlined prevailing investor caution as market participants awaited greater clarity on global geopolitical developments and their potential impact on energy markets and economic growth.
“Market momentum is likely to remain constructive this week, with the final leg of the Q1FY27 earnings season set to drive both stock-specific and broader market action,” a market expert stated.
(IANS Inputs)
