MUMBAI–Indian stock markets ended Tuesday’s trading session nearly unchanged, with benchmark indices Sensex and Nifty posting marginal losses as weakness in banking and financial stocks offset gains in pharmaceutical, real estate and media shares.
The BSE Sensex closed at 73,598.87, declining 8.08 points, or 0.01%, while the NSE Nifty 50 settled at 22,749.75, down 3.45 points, or 0.02%.
Despite the subdued performance of the benchmark indices, broader markets recorded substantial gains, indicating continued investor interest in mid-cap and small-cap companies.
The Nifty Midcap 100 index advanced 1%, while the Nifty Smallcap 100 surged 2.70%, significantly outperforming the major indices.
Sectoral performance remained mixed throughout the session, with private banking and financial services stocks facing selling pressure.
In contrast, media, real estate and pharmaceutical stocks attracted strong buying interest, with their respective sectoral indices gaining between 2% and 3%.
Among the 30 companies listed on the Sensex, Bharti Airtel, Trent, Maruti Suzuki, Power Grid Corporation and Eternal emerged as the leading gainers.
State Bank of India, Axis Bank, Tata Consultancy Services, Asian Paints and HDFC Bank were among the major losers, weighing on the benchmark index.
Market analysts said the Nifty managed to recover from lower levels during the session and close above important technical indicators, suggesting the presence of buying support.
The index briefly slipped below its 20-day moving average and 200-week moving average before recovering to finish above both levels.
According to analysts, the recovery indicates that investors remain willing to purchase shares during market declines, although resistance near higher levels continues to limit gains.
“However, selling pressure is visible near the 22,800 resistance zone. The overall setup suggests a sideways to mildly positive outlook in the short term,” analysts stated.
Technical experts identified 22,600 as the immediate support level for the Nifty, while 22,800 remains a significant resistance point.
A sustained move above 22,800 could create an opportunity for the benchmark index to advance toward the 23,000 level, analysts said.
“On the downside, 22,600 remains an immediate support, while 22,800 is the key hurdle. A sustained move above 22,800 could open the door for a test of 23,000. Hence, traders should adopt a level-based trading strategy,” market watchers noted.
The divergence between benchmark indices and broader market performance highlighted the uneven nature of Tuesday’s trading session.
While weakness in major banking and financial companies restricted gains in the Sensex and Nifty, stronger demand for shares in smaller companies supported positive sentiment across other segments of the market.
Investors also continued to assess corporate earnings, fluctuations in crude oil prices and geopolitical developments in West Asia.
Market participants are closely watching signals from the U.S. Federal Reserve regarding its monetary policy outlook, which could influence foreign investment flows and risk sentiment in emerging markets, including India.
“Going forward, market direction will hinge on earnings resilience, crude trends, evolving developments in the West Asia crisis and the Fed’s policy signal,” market watchers noted.
With the Nifty trading below the key 22,800 resistance level, analysts expect the market to remain range-bound in the near term unless stronger buying momentum pushes the index above that threshold. (Source: IANS)
