Market Closing Bell: Domestic indices NSE Nifty 50 and BSE Sensex gave up their gains on Tuesday to end flat, continuing the range-bound trend. Nifty concluded just below 19,400, unable to breach the strong resistance level, landing at 19,396.45 with a marginal 0.01% gain. Sensex wrapped up with a slight increase of 4 points, standing at 65,220.03. Nifty Midcap 100 rose over 1.1%, while the smallcap index added around 0.8%. Fear gauge India VIX settled lower, around 11.75. In the broader markets, Bank Nifty settled marginally lower, falling for eight of the nine sessions. Nifty PSU Bank shares dragged the index, while metal, media and FMCG stocks outperformed. Jio Financial Services close 5% lower for the second consecutive session.
Technical Outlook
“Markets traded range bound and ended almost unchanged amid mixed cues. After the marginal uptick, the Nifty oscillated in a narrow band and finally settled around the day’s low to close at 19,396.45 levels. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein metal, FMCG and auto attracted buying while Bank Nifty and IT ended subdued. Amid all, buoyancy on the broader front was the key highlight as both midcap and smallcap edged higher and gained nearly a percent each.
IT, pharma face challenges on global dependency
“Despite the support of positive international markets, Indian equities struggled to maintain their upward momentum due to lingering apprehensions over ongoing global uncertainties. Sectors closely tied to the Western economy, such as IT and pharma, faced challenges, while domestic-oriented sectors, alongside mid- and small-caps, exhibited resilience and gained traction,” said Vinod Nair, Head of Research at Geojit Financial Services.