Mumbai: The Indian stock market opened on a flat note on Tuesday as investors awaited fresh triggers.
Both benchmark indices, the Sensex and the Nifty, were slightly lower in early trade.
The Sensex slipped 76 points, or 0.09 per cent, to trade at 84,824 levels. Similarly, the Nifty dropped 29 points, or 0.11 per cent, to 25,931.
“Nifty now holds immediate support at 25,850–25,800, a zone increasingly acting as an accumulation area for medium-term participants,” market watchers said.
“On the upside, resistance is placed at 26,050–26,100, a supply zone that has consistently restricted intraday recoveries,” analysts added.
Several blue-chip stocks dragged the indices down. Power Grid, Infosys, Mahindra & Mahindra, Tech Mahindra, HCL Tech, Hindustan Unilever, Tata Motors Passenger Vehicles, ICICI Bank, ITC, Sun Pharma, and NTPC were among the major losers, falling up to 0.9 per cent.
However, some stocks managed to support the market. Bharat Electronics (BEL), Tata Steel, State Bank of India, Axis Bank, Asian Paints, Bajaj Finserv and Eternal were among the top gainers.
Broader market indices also saw mild weakness. The Nifty MidCap index dipped 0.07 per cent, while the Nifty SmallCap index slipped 0.03 per cent.
Sector-wise, technology and FMCG stocks were under pressure, with the Nifty IT and Nifty FMCG indices falling 0.4 per cent each. The Nifty Auto index was also down by 0.16 per cent.
On the positive side, metal and realty stocks performed better. The Nifty Realty index rose 1 per cent, and the Nifty Metal index gained 0.57 per cent.
Analysts said that the market showed cautious sentiment as investors awaited new cues to drive further movement.
“An important takeaway from Q2 results is that midcaps are outperforming largecaps in revenue and profit growth,” market watchers said.
“This explains the resilience of the midcap index which set a new record recently. The picture may again favour largecaps when the Q3 numbers indicate revival of earnings growth in largecaps,” they added.
(IANS)
