MUMBAI– Indian equities snapped a four-day losing streak on Thursday, closing modestly higher as gains in IT stocks and a firmer rupee helped lift sentiment ahead of the Reserve Bank of India’s policy decision on Friday.
The Sensex ended at 85,265.32, up 158.5 points or 0.19 percent. The Nifty also edged higher, closing at 26,033 with a gain of 47.75 points or 0.18 percent.
Analysts said the index continued to trade mostly below the 21-day exponential moving average on the hourly chart, a sign of continued selling pressure. They noted that the 26,100–26,150 range remains a key resistance zone, with support expected around 25,900–25,950.
“A drop below 26,000 may trigger a quick correction toward 25,950–25,900, as the chart setup looks weak on the hourly timeframe,” market observers said.
Broader market indicators remained soft. The Nifty MidCap 100 finished nearly flat with a mild negative bias, while the Nifty SmallCap 100 slipped 0.24 percent.
Among sectoral indices, Nifty IT was the strongest performer, climbing 1.4 percent. Buying was also seen in Realty, FMCG, Auto, Pharma, Metal, and Chemical stocks. Nifty Media fell 1.45 percent, while Bank, Financial Services, Consumer Durables, and Oil & Gas also ended lower.
On the Sensex, major gainers included TCS, Bharat Electronics, Tech Mahindra, Infosys, and HCL Tech. Leading laggards were Reliance Industries, Maruti Suzuki, Kotak Mahindra Bank, Titan, and Eternal.
Analysts said markets closed in positive territory but maintained a cautious tone as investors await the RBI’s Monetary Policy Committee announcement.
“IT stocks outperformed, supported by renewed optimism around potential Fed rate cuts and favorable currency tailwinds that boosted investor appetite for the sector,” experts said.
The rupee strengthened by 0.28 paise to close at 89.91 against the U.S. dollar, recovering slightly after touching record lows earlier in the week. Traders expect the RBI policy outcome to influence short-term currency movements.
“Rupee range is seen between 89.80 and 90.25, with a breakout potentially taking it toward 89.25 on the upside or 90.75 on further weakness,” analysts said. (Source: IANS)
