Daijiworld Media Network - Chennai

Chennai, Nov 25: Indian equities moved in a narrow range through mid-morning on Tuesday, with traders displaying marked caution ahead of the monthly derivatives expiry. Both the Sensex and Nifty opened on a muted note and drifted sideways, signalling a market in consolidation rather than one preparing for a breakout.

The Nifty continued to hover below the 26,000 mark after a flat start, while the Sensex managed marginal gains but lacked momentum. Weakness in select heavyweights, particularly IT and oil & gas stocks, weighed on sentiment as profit-booking set in after recent outperformance.

Metals provided some cushion, supported by stronger global commodity cues and renewed domestic buying. The upmove, however, was not forceful enough to pull the benchmarks meaningfully higher. Broader markets reflected a similar tone, with mid- and small-cap indices largely unchanged, indicating consolidation after weeks of strong traction.

With futures and options expiry around the corner, investors avoided heavy positioning, contributing to subdued intraday volatility. Foreign portfolio flows also remained tepid despite optimism abroad that the US Federal Reserve may cut rates in December—a development that has boosted global equities but hasn’t yet sparked aggressive buying in India.

Technically, the Nifty is facing stiff resistance in the 26,000–26,200 zone, keeping the index bottled up. On the downside, support around 25,600–25,800 remains intact, giving the market room to absorb mild selling without denting the broader uptrend.

Through the morning session, trading remained measured and selective, with the street awaiting a stronger catalyst—domestic or global—to break the prevailing sideways pattern.