The Indian stock market began Tuesday’s session on a muted note as investors awaited fresh triggers to determine short-term market direction.
Both benchmark indices traded marginally lower in the early hours, reflecting cautious sentiment following recent volatility.
The Sensex slipped 76 points, or 0.09 per cent, to 84,824, while the Nifty fell 29 points, or 0.11 per cent, to 25,931.
Analysts noted that Nifty’s immediate support lies at 25,850–25,800, a zone increasingly viewed as an accumulation region for medium-term investors.
On the upside, resistance is placed at 26,050–26,100, a level that has repeatedly capped intraday recoveries.
Mixed Stock Performance
Several heavyweights contributed to the subdued opening.
Power Grid, Infosys, Mahindra & Mahindra, Tech Mahindra, HCL Tech, Hindustan Unilever, ICICI Bank, ITC, Sun Pharma, NTPC, and Tata Motors Passenger Vehicles were among the top drags, declining up to 0.9 per cent.
However, a handful of stocks provided support to the indices. Bharat Electronics (BEL), Tata Steel, State Bank of India, Axis Bank, Asian Paints, Bajaj Finserv, and Eternal emerged as key gainers, cushioning the overall market weakness.
The broader market also reflected mild weakness. The Nifty MidCap index dipped 0.07 per cent, while the Nifty SmallCap index slipped 0.03 per cent, indicating restrained participation from mid- and small-cap investors.
Sectorally, technology and FMCG stocks came under pressure, with the Nifty IT and Nifty FMCG indices each falling 0.4 per cent. The Nifty Auto index also edged lower by 0.16 per cent.
In contrast, realty and metal stocks outperformed. The Nifty Realty index climbed 1 per cent, while the Nifty Metal index rose 0.57 per cent, driven by sustained investor interest in these segments.
Analysts said the overall market sentiment remained cautious as participants awaited fresh domestic or global cues to drive the next phase of movement.
They highlighted an important trend from the recent earnings season: “A key takeaway from Q2 results is that midcaps are outperforming largecaps in revenue and profit growth.”
This outperformance explains the resilience of the midcap index, which recently scaled a new peak. However, analysts added that largecaps may regain leadership if Q3 earnings reflect a revival in profit growth among major companies.
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