opened on a subdued note Friday morning with the dipping 20.13 points or 0.02 per cent to 81,612.89 after opening at 81,465.69, compared to the previous close of 81,633.02. The slipped 21.35 points or 0.09 per cent to 24,812.25, down from the previous close of 24,833.60, Reflecting ongoing consolidation despite steady institutional flows.
The market witnessed mixed performance across sectors with CA Eternal leading gainers at 1.13 per cent, followed by Bajaj Finserv at 0.70 per cent and Reliance Industries at 0.65 per cent.
On the losing side, Bajaj Auto declined 2.42 per cent, Hindalco dropped 1.73 per cent, and Tech Mahindra fell 1.64 per cent. The broader sentiment remained cautious as investors assessed corporate earnings amid strong macroeconomic fundamentals.
“Stable institutional flows – both FII and DII – are keeping the market steady even in the absence of positive triggers,” said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited. “The ongoing consolidation phase is likely to continue in the near-term.”
maintained their buying momentum with net purchases of ₹884 crore on May 29, while Domestic Institutional Investors purchased ₹4,286 crore, indicating sustained confidence in Indian equities despite global uncertainties.
The banking sector continued trading near its all-time high with the Nifty 50 index positioned just 6.5 per cent away from its peak. Technical analysts identified key support levels at 24,800 followed by 24,700, while resistance remained at 24,900 and 25,000.
“The month of May has been a good month for option writers,” said Ms. VLA Ambala, Co-Founder of Stock Market Today. “Despite some sideways movement, the broader market sentiment remains positive, and there’s a pause in the usual ‘Sell in May’ trend.”
Market volatility, as measured by India VIX, declined 8.87 per cent to 16.42, suggesting reduced fear among investors. The index formed a bullish pin bar candlestick pattern on the daily chart, indicating potential upward movement according to technical analysts.
Commodities witnessed significant price swings with gold and silver showing sharp movements following geopolitical developments. “Gold initially plunged following a U.S. Federal Court block on Trump’s tariff plan. However, prices rebounded after President Trump announced plans to appeal the decision,” said Rahul Kalantri, VP Commodities at Mehta Equities Ltd. Gold found support at ₹94,910-94,580 with resistance at ₹95,750-95,940.
displayed high volatility amid mixed economic signals from the United States. “Crude oil showed very high price volatility and gained in the early trading session after U.S. Federal court blocks Trump’s tariff plan but prices unable to sustain at higher levels,” Kalantri explained. The commodity found support at ₹5,140-5,090 with resistance at ₹5,270-5,320.
Among sectoral performances, Metal, Reality, and Digital indices rallied over 1 per cent, while selective FMCG stocks witnessed intraday profit booking. The market took support near 24,675 levels and bounced back sharply, forming a reversal pattern near the 20-day Simple Moving Average.
“We are of the view that 24,700 and 24,650 would act as key support zones for traders,” said Shrikant Chouhan, Head Equity Research at Kotak Securities. “If the market sustains above these levels, the chances of hitting 25,000-25,100 would become brighter.”
The earnings growth trajectory remained a key concern for market participants. “FY25 Nifty earnings growth was a pedestrian 5.5 per cent and the projection for FY26 is around 10 per cent,” noted Vijayakumar. “Valuation multiple of 21 for 10 per cent earnings growth is certainly on the higher side.”
Derivative analysts suggested a cautious approach given current market dynamics. “The benchmark Sensex and Nifty indices are expected to open on a flat note on May 30, following GIFT Nifty trends indicating a gain of 08 points,” said Hardik Matalia, Derivative analyst at Choice Broking.
Market participants adopted a buying-on-dip strategy as analysts recommended maintaining quality stock positions. “Investors should remain invested and buy quality stocks on dips,” advised Vijayakumar, citing improving macroeconomic indicators including resilient GDP growth, declining inflation, and reduced fiscal deficits.
Technical indicators suggested immediate resistance at 25,116 for bulls to establish dominance. “The bulls have the upper hand as long as the Nifty is trading above 24,462,” said Vikram Kasat, Head Advisory at PL Capital. “A decisive close above 25,116 will put the bulls in a dominating position.”
Trading volumes remained healthy with CA Eternal recording the highest turnover at ₹38,529.64 lakhs, followed by Bajaj Auto at ₹37,779.95 lakhs and Reliance Industries at ₹24,457.37 lakhs, indicating active participation across market segments.