Stock Markets Start Positive; Analysts Predict Range-Bound Movement

Indian benchmark indices began Friday’s trading session on a positive note, supported by favourable cues from Asian markets and early buying activity in key sectors.

At around 9:25 AM, the BSE Sensex was trading 228.15 points higher at 81,590.02, up 0.28 per cent, while the NSE Nifty gained 55.10 points, or 0.22 per cent, to reach 24,848.35.

Among sectoral indices, the Nifty Bank index rose by 102.35 points (0.18%) to 55,679.80.

However, broader market indices witnessed mixed movements.

The Nifty Midcap 100 dipped slightly by 16.85 points (0.03%) to 57,143.10, while the Nifty Smallcap 100 declined by 62.50 points (0.35%) to 17,950.60.

According to market analysts, the Nifty has been consolidating within a narrow band of 24,500 to 25,000 over the past month.

Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated, “This range may persist unless there is a significant geopolitical development, such as a de-escalation in the Israel-Iran conflict or a sudden end to ongoing tensions.”

He further added that while the upper band may remain elusive in the short term, strong domestic institutional buying on market dips is expected to protect the lower end.

However, any spike in crude oil prices above $85 per barrel could pose risks to the current support levels.

Top gainers & losers

In early trade, Bajaj Finserv, UltraTech Cement, Mahindra & Mahindra, SBI, Axis Bank, and Sun Pharma led the gains on the Sensex.

On the flip side, IndusInd Bank, Bajaj Finance, Tech Mahindra, Kotak Mahindra Bank, and PowerGrid emerged as the key laggards.

Foreign institutional investors (FIIs) continued their buying spree for the third consecutive day, purchasing equities worth ₹934.62 crore on June 19.

Domestic institutional investors (DIIs) were also net buyers, investing ₹605.97 crore on the same day, indicating strong confidence in domestic market fundamentals.

Asian markets mirrored this optimism, with indices in Bangkok, Tokyo, Seoul, Hong Kong, and Shanghai trading in the green.

Jakarta was the sole regional market trading in negative territory.

Meanwhile, US stock markets remained closed on Thursday in observance of Juneteenth National Independence Day.

In the previous session on Wednesday, the Dow Jones closed at 42,171.66, down 44.14 points (0.10%).

The S&P 500 edged lower by 1.85 points (0.03%) to 5,980.87, while the Nasdaq rose 25.18 points (0.13%) to settle at 19,546.27.

As the day unfolds, traders and investors will closely monitor global cues, institutional activity, and sectoral performance to navigate the market’s next direction.

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