Mumbai–Indian benchmark stock indexes ended nearly unchanged Monday after recovering from intraday lows, as gains in information technology shares offset weakness in consumer goods and metal stocks.
The Sensex rose 47.01 points, or 0.06 percent, to close at 77,616.40, while the Nifty gained 4.10 points, or 0.02 percent, to settle at 24,211.
Analysts said the 24,300-to-24,400 range is the immediate resistance zone for the Nifty, with the upper end closely aligned with the 200-day exponential moving average.
“A sustained breakout above this band would reinforce bullish momentum and could pave the way for an advance towards the 24,500–24,600 region,” an analyst stated.
“On the downside, the 24,000 psychological level continues to serve as a crucial support zone and will be key to sustaining the broader recovery trend,” the analyst stated.
Tata Consultancy Services, HCLTech and Tech Mahindra were among the top Nifty gainers as buying in major IT stocks led the recovery.
The broader market also closed slightly higher. The Nifty MidCap index rose 0.01 percent, while the Nifty SmallCap index advanced 0.03 percent.
The Nifty IT index outperformed other sectors, while the FMCG and metal indexes were the biggest laggards.
The rupee weakened about 0.26 percent to 95.60 as a surge of more than 4 percent in crude oil prices raised concerns about India’s import bill.
“Technically, the rupee is expected to trade in the 95.20–96.00 range in the near term,” the analyst said. (Source: IANS)
