MUMBAI — Indian equity benchmarks recovered from intraday losses to close nearly flat Monday, helped by strong buying in information technology stocks as investors continued to monitor tensions in West Asia.
The Nifty ended 6.45 points, or 0.03%, higher at 23,649.95. The Sensex rose 77.05 points, or 0.10%, to close at 75,315.04. Both indexes traded lower for much of the session before recovering in late trading.
Market experts said 23,700 has emerged as an immediate resistance level for the Nifty. A sustained move above that level could strengthen recovery momentum toward the broader 23,900 to 24,000 range.
“On the downside, the 23,300 region continues to remain a strong base support area,” an analyst said.
Heavyweight IT stocks helped drive the rebound, with Tech Mahindra, Infosys and Bharti Airtel among the top gainers on the Nifty. The Nifty IT index rose more than 2%, outperforming all other sectoral indexes.
Defensive sectors also attracted buying interest. The Nifty Pharma and Nifty Healthcare indexes ended higher as investors favored areas viewed as more resilient during periods of global uncertainty.
The broader market remained under pressure. The Nifty MidCap index slipped 0.15%, while the Nifty SmallCap index fell 1.26%.
Consumer durables and public-sector bank stocks were among the session’s weakest performers, with the Nifty Consumer Durables and Nifty PSU Bank indexes posting the sharpest losses.
Market experts said traders remained cautious because of geopolitical tensions in West Asia and their potential effect on global markets and crude oil prices.
“The current market environment continues to favour disciplined risk management over aggressive leverage, as volatility-driven swings are likely to remain elevated until global geopolitical uncertainty and crude oil concerns stabilise,” an analyst said. (Source: IANS)
