Indian benchmark indices ended Tuesday’s session on a subdued note as mixed sectoral performance kept the headline markets largely unchanged. The broader market, however, witnessed substantial buying interest.
The BSE Sensex closed at 73,598.87, shedding 8.08 points, or 0.01 per cent. The NSE Nifty settled at 22,749.75, declining 3.45 points, or 0.02 per cent.
Market analysts observed that the Nifty managed to finish above its 20-day moving average (DMA) and 200-week moving average (WMA) on the daily chart after briefly falling below these technical levels. The recovery indicated buying support at lower levels.
“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 watchers identified 22,600 as an immediate support level and 22,800 as the key resistance.
A sustained breakout above the latter could pave the way for the index to approach 23,000. They advised traders to follow a level-based strategy.
Broader market indices delivered stronger performances despite the subdued movement in benchmark stocks. The Nifty Midcap 100 advanced 1 per cent, while the Nifty Smallcap 100 surged 2.70 per cent.
Among sectoral indices, pharmaceutical, realty and media stocks attracted significant buying, with their respective indices rising between 2 and 3 per cent. Private banking and financial services shares, meanwhile, faced selling pressure.
Bharti Airtel, Trent, Maruti Suzuki, Power Grid Corporation and Eternal emerged among the leading Sensex gainers.
State Bank of India, Axis Bank, Tata Consultancy Services, Asian Paints and HDFC Bank were among the major losers.
“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.
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