On the fourth trading day of the week, the Nepali stock market remained largely stable. The NEPSE index fell marginally by 0.33 points to close at 2,600.20. Despite the visible impact of fiscal year-end pressure (Asar month-end), analysts say investor sentiment is still playing a decisive role in the market's movement.

A total of 13.75 million shares were traded today in 61,824 transactions, amounting to over NPR 5.94 billion in turnover. Share prices of 112 companies increased while 134 declined. Modi Energy Limited hit the positive circuit with a 9.99% gain. Other notable gainers included Tehrathum Power (+9.77%), Panchakanya Mai Hydro (+7.77%), Trishuli Hydropower (+7.62%), and Mountain Hydro (+7.14%).

Among sectors, the hotel and tourism index led with a 1.43% gain, while the investment sector’s trading volume rose from 8% to 10%. Butwal Power Company topped the trading chart with over NPR 539.4 million in transactions.

Technical Analysis

For the past three sessions, NEPSE has hovered around the same support line. Monday’s inverted hammer candlestick raised hopes of a trend reversal, but no strong bullish confirmation followed. Tuesday's long-legged doji further highlighted market indecision. Despite trendline breaks, continued support testing suggests the market is yet to find a clear direction. Hydropower stocks made up about 63% of total trading, indicating growing investor interest in low-priced hydro shares. Investment sector activity is also rising.

Broker Analysis
Broker no. 58 led the market with over NPR 1.04 billion in trading but showed a net holding of –84 million, with a buy/sell ratio of 0.851 – indicating heavy sell pressure. Similarly, broker no. 42 posted a lower buy/sell ratio of 0.713, also showing net selling activity.

Conversely, brokers no. 38 and 45 recorded strong net purchases. Broker 38 had a buy/sell ratio of 1.254 and net holdings over NPR 37 million, while broker 45 posted a net buy of NPR 23.6 million. Despite placing large buy orders, broker 58’s negative net holding suggests that profit-booking behavior remains strong among investors.

With NEPSE in a sideways pattern, clear direction is still lacking. However, technical signs suggest the market is trying to stabilize at support levels. Heavy trading in hydropower and increased activity in the investment sector show where investor focus currently lies. The market remains seller-dominant, and investors are advised to proceed with caution.