Mumbai: The Indian stock market on Tuesday ended the intra-day’s trading session on a flat note, as investors remained cautious amid the mixed market sentiment.
The Sensex gained 147.71 points, or 0.20 per cent, to close at 74,602.12. During the intra-day, the index moved between 74,785.08 and 74,400.37.
Meanwhile, the Nifty closed marginally lower by slipping 5.80 points, or 0.03 per cent, to settle at 22,547.55. The index touched a high of 22,625.30 and a low of 22,516.45 during the session.
The market saw a mixed trend among stocks. Out of the 50 Nifty stocks, 31 ended lower.
Rupak De from LKP Securities said the index remained mostly muted, except for a small correction towards the close, adding that sentiment continues to favour the bears.
A rise towards resistance is likely to attract selling pressure, he added.
Hindalco, Dr Reddy’s Labs, Trent, Hero MotoCorp, and Sun Pharma were among the top losers, with losses of up to 3.10 per cent.
On the other hand, Bharti Airtel, Mahindra & Mahindra, Bajaj Finance, Nestle India, and Titan saw gains of up to 2.32 per cent.
The broader market indices also saw some pressure. The Nifty Midcap100 index declined by 0.62 per cent, while the Nifty Smallcap100 index slipped by 0.44 per cent.
Among sectoral indices, the market remained divided. Sectors like Nifty Auto, FMCG, Select Financial Services, Media, and Consumer Durables ended with gains of up to 0.84 per cent.
However, other sectors saw declines — reflecting the cautious sentiment in the market.
“Technically, on the daily chart, Nifty has formed an inverted hammer candlestick pattern, indicating buying interest around 23,500 levels,” said Hrishikesh Yedve from Asit C. Mehta Investment Limited.
He added that as long as the index respects 23,500 levels, a pullback rally towards 22,700-22,800 could be possible. On the higher side, 22,700-22,800 will serve as a solid resistance zone.
Sustenance below 22,500 levels could trigger fresh selling pressure. Traders should monitor these levels for potential trading opportunities.
The volatility index, India VIX, cooled off by 5.03 per cent to 13.72 which indicates a decline in market volatility.
The domestic benchmark indices will remain closed on Wednesday (February 26) due to the Maha Shivaratri holiday.
The Indian rupee weakened by 50 paise on Tuesday, closing at 87.20 per dollar, compared to 86.70 in the previous session.
(IANS)
