Weekly Wrap: Market remains range bound amid mixed global cues

Mumbai: The Indian stock markets remained rangebound and closed slightly lower last week due to mixed global cues.

Due to the Holi holiday on March 14, the market traded only four days a week (from March 10 to 13).

Last week, Nifty fell 147.50 points, or 0.65 per cent, to 22,397.20 and Sensex fell 511.18 points, or 0.69 per cent, to 73,828.91.

Midcaps and smallcaps witnessed large selling compared to largecaps.The Nifty Midcap 100 index fell 1,223 points, or 2.48 per cent, to 48,125.10 and the Nifty Smallcap 100 index fell 503 points, or 3.27 per cent, to 14,897.35.

The global market sentiment remained uncertain, especially with concerns around US President Donald Trump’s tariff policies.

This uncertainty led investors to adopt a cautious approach, resulting in a lacklustre trading session.

Religare Broking Ltd's SVP, Research, Ajit Mishra said: "On the weekly expiry day, markets remained range-bound and closed slightly lower. While positive global cues initially drove an uptick, selling pressure in heavyweight stocks across sectors pulled the Nifty into the red, eventually settling at 22,397.20."

Barring the banking sector, all major indices ended lower, with realty, auto, and metal stocks leading the decline. The broader indices followed suit, losing nearly a per cent each.

"The ongoing consolidation in the Nifty index has kept participants cautious, but a decisive breakout from the 22,250-22,650 range is expected soon," he added.

On Thursday, Indian stock markets ended on a weak note.

The Sensex had a strong start, reaching a high of 74,401 in early trade. However, selling pressure in auto, IT, and banking stocks led the index to reverse gains.

It touched an intraday low of 73,771 before settling 201 points lower at 73,829. Over the week, the Sensex lost 504 points.

The Nifty also followed a similar pattern. It climbed to 22,558 but later fell to 22,377 before closing at 22,397, down 73 points. The index ended the holiday-shortened week with a loss of 156 points.

Among major stocks, Tata Motors and IndusInd Bank were the worst performers, both losing nearly 2 per cent.