Mumbai
The Indian stock market closed flat on Tuesday’s trading day. At the end of trading, Nifty’s Auto, Pharma, Media, Energy and Infra sectors were in selloff. At the same time, strong buying was recorded in the realty sector. Sensex closed at 81,510.05 with a marginal gain of 1.59 points and Nifty closed at 24,610.05 with a marginal fall of 8.95 points or 0.04 per cent.
Market experts said the domestic market remained flat, with pullback from lower levels indicating a strategy of buying on dips. At the same time, China’s additional stimulus plans did not boost Asian market sentiment. The broader market outperformed and maintained its positive trend led by mid and small caps.
Experts further said, “The IT index reached a new high on expectations of improvement in US IT spending. “Inflation data coming from the US and India is important to inform possible future rate cuts.”
Nifty Bank closed at 53,577.70 after rising 169.95 points or 0.32 per cent. The Nifty Midcap 100 index closed at 59,135.40, up 136.65 points or 0.23 per cent. The Nifty Smallcap 100 index closed at 19,583.20, up 54.60 points or 0.28 per cent.
Rupak De, Senior Technical Analyst, LKP Securities, said, “Nifty experienced another dull trading session, remaining range bound within the range of 24,500 to 24,650. Unless the index makes a decisive move beyond this range, sentiment is likely to remain sideways in the near term. “A break below 24,470 could result in a correction of 200 to 250 points, while resistance can be seen at 24,700 to 24,750.”
On the Bombay Stock Exchange (BSE), 2,034 shares closed in the green and 1,925 in the red, while 134 shares remained unchanged. Bajaj Finserv, HCL Tech, SBI, Infosys, Bajaj Finance, ICICI Bank, Kotak Mahindra Bank, M&M, Titan, Tata Steel, Tata Motors, Asian Paints and IndusInd Bank were the top gainers in the Sensex pack. Whereas, Bharti Airtel, Tech Mahindra, Reliance, Axis Bank, Maruti, Nestle India, L&T and UltraTech Cement were the top losers.
