Sensex Flat, Nifty Near 24,200 as Markets See Limited Movement

Indian equity benchmark indices traded in a narrow range on Friday, giving up early gains to turn flat-to-negative amid mixed global cues and continued selling pressure in select largecap stocks.

In early trade, the Nifty50 was at 24,208.00, up just 11 points or 0.046%, while the BSE Sensex traded at 78,080.41, higher by 92 points or 0.12%. However, both indices struggled to hold gains as the session progressed, reflecting a cautious undertone in the market.

Broader Markets Continue to Outperform Largecaps

The broader market maintained its outperformance trend, with the Nifty Midcap 100 rising 0.43% and the Nifty Smallcap 100 advancing 0.72%. The Nifty Next 50 also gained 0.35%, indicating sustained investor interest beyond frontline stocks.

Sectoral performance remained mixed. Nifty FMCG led the gains with a rise of 1.06%, followed by Nifty Media, which jumped 1.44%, and Nifty Energy, up 0.66%. On the downside, Nifty Metal slipped 0.25%, while Nifty Financial Services traded under mild pressure.

Among stock-specific moves, Wipro and HDFC Life Insurance were among the top laggards, declining over 3%. On the gaining side, HDFC Asset Management, United Spirits, Maruti Suzuki and Avenue Supermarts rose over 2%.

VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said the broader market continues to show relative strength. "A distinct trend in the market is the strength of mid and smallcaps relative to largecaps. Fear of FIIs turning sellers on rallies is weighing on largecaps, while fund flows and retail participation are supporting the broader market," he said, adding that largecaps may perform better over the medium to long term.

Global Cues Mixed Despite Record Highs on Wall Street

Global cues remained mixed. US markets ended at record highs, with the S&P 500 and Nasdaq supported by easing geopolitical tensions and strong corporate earnings, particularly from financials and technology companies driven by AI optimism.

However, sentiment remained cautious as trading on Wall Street was choppy despite a 10-day ceasefire announcement by US President Donald Trump, which could pave the way for broader negotiations.

Asian markets, on the other hand, traded lower in early deals, with Japan’s Nikkei slipping 0.7% on profit booking after recent gains, limiting the upside for domestic equities.

Vijayakumar cautioned that geopolitical developments remain uncertain. "Positive news on ceasefire supports sentiment, but investors should be guided by actions rather than words given policy inconsistencies," he said.

Oil Eases, FIIs Remain Buyers

In commodities, oil prices declined in early Asian trade as optimism around a potential truce with Iran eased supply concerns. Brent crude slipped 1.4% to trade near $98 per barrel, providing some relief to markets.

On the institutional front, foreign portfolio investors remained net buyers, purchasing equities worth ₹382 crore in the previous session. However, domestic institutional investors booked profits, selling shares worth ₹3,428 crore.