Sensex, Nifty End Nearly Flat as IT Stocks Lead Late Recovery
MUMBAI — Indian equity benchmarks recovered most of their intraday losses Monday to close marginally higher, supported by strong buying in information technology stocks as investors continued to monitor developments 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 settle at 75,315.04. Both indexes traded in negative territory for much of the session before rebounding in late trade.
Market analysts said the 23,700 level has become the Nifty’s immediate resistance zone. 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 climbed more than 2%, outperforming all other sectoral indexes.
Defensive sectors also drew 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 weaker. The Nifty MidCap index fell 0.15%, while the Nifty SmallCap index dropped 1.26%.
Among sectoral laggards, Nifty Consumer Durables and Nifty PSU Bank posted the sharpest losses during the session.
Analysts said traders remained cautious because of geopolitical tensions in West Asia and concerns over 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)
