The Indian benchmark indices opened on a cautious note Thursday, reflecting investor restraint ahead of key retail inflation data and mixed global signals. Early trade saw pressure in auto, IT, and PSU banking stocks, dampening broader market sentiment. As of 9:28 AM, the BSE Sensex edged up by 69.22 points or 0.08%, trading at 82,584.36, while the NSE Nifty 50 rose 23.65 points or 0.09% to 25,165.05. The Nifty Bank index was up by 98.65 points or 0.17%, reaching 56,558.40.
However, broader markets showed signs of weakness. The Nifty Midcap 100 declined by 0.20% to 59,267.75, while the Nifty Smallcap 100 slipped 0.14% to 18,772.35.
Technical Outlook and Market Caution
Analysts noted that while the Nifty closed higher in the previous session, it pulled back from intraday highs. A Doji candlestick pattern with a prominent upper shadow followed a bearish “upside-gap two crows” formation, signaling a possible reversal if key support levels are breached.
“The onus is on the bulls to protect the 25,029 mark. If the bears manage to drag the index below the 24,987–25,029 zone, a fall towards the 24,800–24,863 region becomes a high-probability event,” said Akshay Chinchalkar, Head of Research at Axis Securities.
Sector Watch
In the Sensex pack, Asian Paints, Sun Pharma, Bajaj Finserv, Bharti Airtel, Bajaj Finance, NTPC, and HDFC Bank emerged as early gainers. Meanwhile, Infosys, Tata Motors, Tech Mahindra, HCL Tech, Tata Steel, and IndusInd Bank led the losers.
Global Market Snapshot
Asian markets painted a mixed picture with Hong Kong, Bangkok, Jakarta, and Japan trading in the red, while Seoul and China were in positive territory. Overnight, US markets offered little support. The Dow Jones ended nearly flat at 42,865.77, down just 1.10 points. The S&P 500 shed 16.57 points or 0.27% to 6,022.24, while the Nasdaq lost 99.11 points or 0.50%, closing at 19,615.88.
Uncertain Global Cues and Institutional Moves
The overall sentiment remains subdued amid a lack of strong triggers. Speculation around a potential US-China trade agreement has stirred hope, but no official confirmation has been made by Beijing. Additionally, fresh concerns emerged after US President Donald Trump announced plans to issue letters to trade partners over new universal tariffs within two weeks.
“The tariff crisis is not yet over. Investors are likely to remain in a wait-and-watch mode until there’s greater clarity,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. On the institutional side, Foreign Institutional Investors (FIIs) were net sellers on June 11, offloading equities worth Rs 446.31 crore, while Domestic Institutional Investors (DIIs) were net buyers, purchasing stocks worth Rs 1,584.87 crore.
