Sensex, Nifty End Flat as IT Stocks Drive Late Recovery
Mumbai — Indian benchmark equity indices ended nearly unchanged Monday after recovering from intraday lows, as gains in information technology stocks offset weakness in consumer goods and metal shares.
The Sensex rose 47.01 points, or 0.06%, to close at 77,616.40. The Nifty gained 4.10 points, or 0.02%, 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 said.
“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 added.
The rebound was led by major IT stocks, with Tata Consultancy Services, HCLTech and Tech Mahindra among the top gainers on the Nifty.
The broader market also ended slightly higher. The Nifty MidCap index rose 0.01%, while the Nifty SmallCap index gained 0.03%.
The Nifty IT index outperformed the market, while the FMCG and metal indices were the biggest laggards.
The rupee weakened about 0.26% to 95.60 against the U.S. dollar as a surge of more than 4% 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,” an analyst said. (Source: IANS)
