Indian stock markets are entering a consolidation phase with the Nifty trading in a tight range of 23,800 to 24,600. According to Gautam Shah from Goldilocks Global Research, 24,600 remains a very important resistance level that the market has struggled to break above in recent sessions. The market is experiencing a fierce battle between bulls and bears within this tight range, with both autos and FMCG sectors remaining under pressure if largecaps fail to show leadership. Weak leadership from IT, banking, and Reliance Industries - which together form a large part of the index - is creating headwinds for broader market rallies. As Shah notes, until the Nifty gets past 24,600, there is a greater possibility of a breakdown below 23,800.
Several mutual funds are launching new exchange-traded funds to capitalize on early signs of equity market recovery. SBI Mutual Fund will launch two new ETFs - the Nifty200 Value 30 ETF and Nifty Smallcap 250 ETF, both opening for subscription on May 7. According to reports from The Hindu BusinessLine, these launches are strategically timed to benefit from the revival of key indices. Groww Mutual Fund has also launched an ETF on Nifty Private Bank index, with the NFO opening on Wednesday. The launches come as global markets show renewed strength, with US stocks rallying on Iran peace hopes and oil prices declining, providing a favorable backdrop for equity fund launches.
The SBI Nifty200 Value 30 ETF aims to track the performance of 30 companies selected from the Nifty 200 based on value parameters including earnings-to-price ratio, book value-to-price ratio, sales-to-price ratio, and dividend yield. As reported by The Hindu BusinessLine, DP Singh, Joint CEO of SBI Funds Management, stated that these ETF launches broaden the fund house's equity passive suite and enhance the solution set available to investors and distributors. The scheme addresses distinct portfolio needs based on fundamentally screened stocks to access the long-term growth potential of the small-cap segment.
The Groww ETF on Nifty Private Bank index provides investors with transparent and rules-based exposure to India's private banking segment. According to The Hindu BusinessLine, the Nifty Private Bank index comprises 10 private sector banks selected based on liquidity, market capitalisation, and other eligibility criteria, following a free-float market capitalisation weighting methodology. The launch comes as private banks' share of total deposits has increased from 21 per cent to 38 per cent over the past decade, indicating sustained competitive positioning within the sector. However, Shah highlights that private banks are underperforming and if that continues, the Nifty will find it difficult to rally.
ICICI Prudential Mutual Fund has announced income distribution under the Income Distribution cum capital withdrawal (IDCW) option across three of its schemes, with a record date set for May 7, 2026. For the ICICI Prudential Balanced Advantage Fund, the fund house has declared an IDCW payout of ₹0.07 per unit on a face value of ₹10 under the Monthly IDCW option, including the Direct Plan – Monthly IDCW option. In the ICICI Prudential Equity & Debt Fund, the declared IDCW stands at ₹0.16 per unit on a face value of ₹10 under the Monthly IDCW option as well as the Direct Plan – Monthly IDCW option. For the ICICI Prudential Bond Fund, the mutual fund has announced an IDCW of ₹0.0680 per unit under the Quarterly IDCW option, while the Direct Plan – Quarterly IDCW option has been set at ₹0.0804 per unit. Investors holding units in the respective schemes as on the record date will be eligible for the declared payouts, subject to applicable NAV adjustments post distribution.
