India’s Service PMI Hits 5-Month High; Markets Stay Cautious

The Nifty 50 index was up by 88.10 points to 24,120.90 while the Sensex was up by 59.96 points to 77,077.75.

Mid-morning trade saw domestic equity benchmarks retain modest gains, with the Sensex up 0.16% and the Nifty hovering just below 24,100, bolstered by optimism surrounding a potential US-Iran peace deal and softening Brent crude prices below $110. While the broader market outperformed frontline indices and the rupee strengthened toward the 95 per-dollar mark, investors shifted focus toward Q4 earnings for further direction. Economic sentiment remained robust as the HSBC India Services PMI climbed to 58.8 in April, marking its strongest expansion since November, while the Nifty Pharma index led the charge with a five-day rally. Despite a slight cooling from earlier highs, market breadth stayed positive and volatility decreased, reflecting a cautious yet hopeful outlook amidst easing geopolitical tensions.