SBI shares are up 1% while the Sensex begins flat and the Nifty is above 25,200

Stock Market Update: Benchmarks Open Flat Amid Consolidation; Metal & Pharma Stocks Rise

Benchmark stock indices opened flat on Thursday as markets continued their consolidation phase, weighed down by the absence of fresh triggers. Metal and pharma sectors provided some early support, but the overall sentiment remained muted.

As of 9:30 am, the BSE Sensex slipped 41.02 points to 82,593.46, and the NSE Nifty50 dipped 13.30 points to 25,198.75.

Market Mood & Commentary

Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, explained that the market has been in a tight range for two months, with no strong catalysts to break out of it. Even the anticipation of an India-US interim trade deal seems to have been fully priced in.

“A surprise tariff rate lower than 20%, ideally around 15%, could be a game changer,” Vijayakumar noted, hinting that trade and tariff developments should be closely monitored.

Early Gainers

• Sun Pharma led the pack with a 0.88% gain

• Tata Motors rose 0.43%

• Kotak Mahindra Bank added 0.42%

• NTPC was up 0.36%

• Bharat Electronics Ltd gained 0.31%

Top Losers

• Tech Mahindra fell 0.87%

• Eternal Health dropped 0.71%

• ICICI Bank slipped 0.68%

• State Bank of India declined 0.34%

• Asian Paints eased 0.22%

Broader Market Trends

• Nifty Midcap100: down 0.07%

• Nifty Smallcap100: up 0.14%

• India VIX (volatility index): rose 0.26%, suggesting slightly increased market nervousness

Sectoral Snapshot

Gainers:

• Nifty Pharma: up 0.52%

• Nifty Realty: up 0.37%

• Nifty Healthcare: up 0.37%

• Nifty Metal: up 0.26%

• Nifty Consumer Durables: up 0.20%

• Nifty FMCG: up 0.12%

Losers:

• Nifty PSU Bank: down 0.65% (biggest drag)

• Nifty IT: down 0.27%

• Nifty Financial Services: down 0.24%

• Nifty Private Bank: down 0.15%

• Nifty Media: down 0.13%

• Nifty Oil & Gas: down 0.03%

• Nifty Auto: down 0.02%

Sectoral Insight

Dr. Vijayakumar highlighted that IT sector earnings continue to disappoint and could remain a drag on sentiment. He added that leading private sector banks are in a defensive mode due to NIM (Net Interest Margin) compression concerns in Q1, though he expects a reversal from Q3.

“From a valuation point of view, PSU banks look attractive, while private banks may offer opportunities once Q3 earnings turn around,” he concluded.

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Outlook:

Unless a positive surprise — like lower-than-expected tariffs or unexpected earnings beat — emerges, the market is likely to remain range-bound in the near term. Pharma, metals, and select value stocks may offer resilience amid the lack of clear direction.