Indian equities ended largely unchanged as West Asia tensions tempered risk appetite, with the market oscillating between gains and losses during the session. According to The Economic Times, analysts flagged 23,500 as a key resistance and 23,300–23,200 as important support levels. The BSE Sensex closed marginally higher by 13.84 points (0.02%) at 74,360.01, while the NSE Nifty gained 10.95 points (0.05%) to end at 23,416.55. The broader market continued to outperform following recent corrections, indicating underlying resilience in select segments. Investor sentiment remained cautious ahead of the upcoming RBI policy decision and GDP data release, both of which are expected to offer greater clarity on the growth outlook.
The Reserve Bank of India's Monetary Policy Committee (MPC) will announce its policy decision at 10:00 AM on June 5, with RBI Governor Sanjay Malhotra leading the announcement followed by a press conference. According to a CNBC-TV18 poll of economists, the central bank is widely expected to keep interest rates unchanged, with all respondents forecasting a status quo on the repo rate at 5.25%. This suggests that policymakers are unlikely to take immediate action despite concerns around inflation and rising external risks. Most economists expect the central bank to look through the initial impact of higher oil prices, while market participants will closely watch the policy statement for forward guidance and broader monetary policy signals.
The January-March quarter GDP data and provisional estimates for FY26 are scheduled for release at 4:00 PM on June 5, representing the first annual GDP release under the revised national accounts release calendar. As reported by CNBC-TV18, the government is scheduled to publish Q4 and annual FY26 GDP figures on June 5, with the full-year data released using the new base year 2022–23. India's economy is expected to have sustained its growth momentum in the January–March quarter of FY26, with a CNBC-TV18 poll projecting GDP growth at 7.3% for the quarter and 7.5% for the full financial year. These numbers will be crucial for assessing the strength of private consumption, government capital expenditure, manufacturing, construction, and services sectors.
According to Vipin Dixena, SEBI-registered analyst, the Sensex is showing signs of gradual recovery after bouncing from the crucial 74,000-74,100 support zone, with prices now approaching the key 74,600 resistance area. He noted that the formation of higher lows over recent sessions indicates improving short-term sentiment, while RSI has moved above 50, reflecting strengthening momentum. Hitesh Tailor from Choice Broking echoed similar views, stating that the market continues to attract buying interest near the 73,500-73,800 support zone, highlighting strong demand at lower levels. The analysts suggest that a decisive breakout above 74,600 could trigger further upside toward 75,000–75,200, while rejection near resistance may push the index back toward 74,100.
According to The Economic Times, Consumer Durables led sectoral gains with a 1.94% climb, followed by Capital Goods (1.01%), Telecommunication (0.82%), Consumer Discretionary (0.72%), Oil & Gas (0.57%), and Power (0.41%). On the downside, Metal declined 0.85%, Commodities fell 0.49%, IT dropped 0.48%, MidSmall Private Banks Quality Tilt (0.44%), and Focused IT (0.02%). Among individual stocks, Titan, Eternal, ITC, Tech Mahindra, State Bank of India and ICICI Bank were among the major gainers, while Infosys, Bajaj Finserv, UltraTech Cement, HCL Tech and Adani Ports were among the laggards. Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,616.56 crore on Wednesday, while Brent crude declined 1.68% to USD 96.17 per barrel.
The GST revenue data for May will be watched as a high-frequency indicator of consumption, imports and formal-sector activity, as reported by Business Standard. The numbers will also show whether tax buoyancy seen in earlier months is being sustained. Additionally, the manufacturing PMI rose to 55.0 in May from 54.7 in April, supported by resilient domestic demand and stronger new orders, while the services PMI will be released on June 3 to assess whether the services sector continues offsetting manufacturing softness seen in earlier months.
