"Hence, markets are likely to remain in a broader range with stock-specific action in the near term," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Expectations for rate cuts by the U.S. central bank have been tempered as the year has progressed, as inflation has proven stickier, and some investors had begun to worry they might not materialize at all, sending markets lower in April.
"We expect the market to consolidate in a broader range and base to gradually shift higher," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.