Nifty 50 to Sensex: Are key indices of the Indian stock market nearing the final stage of consolidation?

Indian markets are in a late-stage consolidation phase after a short-lived April 8 gap-up rally driven by a U.S.-Iran ceasefire, with the main indices closing that gap fully this week. FII selling has weighed on large caps while micro, small, and mid-cap indices have gained 15%, 12%, and 9% respectively, supported by recovering domestic inflows. The upcoming U.S. Fed meeting on June 16-17 under new leadership is the key near-term catalyst, with markets watching for shifts in rate policy, quantitative tightening pace, and communication framework amid sticky inflation (CPI at 4.2%) and elevated global bond yields.