Sensex, Nifty Close Nearly Flat as Pharma, Realty and Small-Cap Stocks Rally
MUMBAI– Indian stock markets ended Tuesday’s trading session largely unchanged, with the benchmark Sensex and Nifty indices 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 significant gains, reflecting continued investor interest in mid-cap and small-cap stocks.
The Nifty Midcap 100 index advanced 1%, while the Nifty Smallcap 100 climbed 2.70%, substantially outperforming the major indices.
Sectoral performance remained mixed throughout the session, with private banking and financial services stocks emerging as the biggest laggards.
In contrast, pharmaceutical, real estate and media stocks attracted strong buying interest, with their respective sectoral indices gaining between 2% and 3%.
Among the Sensex constituents, Bharti Airtel, Trent, Maruti Suzuki, Power Grid Corporation and Eternal were 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 intraday weakness and close above two important technical indicators, its 20-day moving average and 200-week moving average.
The recovery suggested that investors continued to buy shares at lower price levels, although selling pressure near the 22,800 mark limited further 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.
Market observers identified 22,600 as the immediate support level for the Nifty, while 22,800 remained a significant resistance point.
“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.
Analysts said a decisive move above 22,800 could strengthen market momentum and potentially push the Nifty toward the psychologically important 23,000 level.
However, failure to cross that resistance could keep the index trading within a narrow range in the near term.
Investors are also monitoring corporate earnings, movements in global crude oil prices, geopolitical developments in West Asia and upcoming signals from the U.S. Federal Reserve.
“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.
While the major indices struggled to gain momentum, the strong performance of smaller companies and select sectors indicated that investor appetite remained healthy in parts of the Indian equity market. (Source: IANS)
