The Indian stock market traded within a narrow range on Tuesday, reflecting mixed signals from global markets. Despite intra-day fluctuations, the benchmark indices closed with marginal losses.
The Sensex touched a low of 75,531 during the session but recovered slightly, ending 29 points lower at 75,967. Similarly, the Nifty 50 moved between 22,801 and 22,992 before settling at 22,945, down 14 points from its previous close.
Among the top gainers in the Sensex 30 pack were power companies NTPC and Power Grid Corporation, which saw gains of up to 3%. Tech Mahindra, Zomato, HCL Technologies, and Kotak Mahindra Bank also performed well.
On the other hand, stocks like IndusInd Bank, Hindustan Unilever, UltraTech Cement, Mahindra & Mahindra, and TCS faced selling pressure, slipping between 1% and 2%.
On the Nifty index, NTPC led the gains with a 3.19% increase, while Tech Mahindra, Wipro, ONGC, and Apollo Hospital were other top gainers.
Meanwhile, Trent and Mahindra & Mahindra were among the top losers, slipping up to 2.5%.
Hrishikesh Yedve from Asit C. Mehta Investment Intermediates Ltd said: “As long as the index holds the recent low of 22,725, a buy-on-dips strategy remains favourable.”
He added that the 21-Day Simple Moving Average (DSMA) at 23,240 acts as an immediate hurdle, and a decisive move above this level could confirm a near-term bottom reversal.
The broader market showed signs of weakness, with the BSE SmallCap index declining nearly 1.5%. The Nifty Bank declined 196.25 points or 0.40% to end the intra-day session at 49,062.65.
Market sentiment remained bearish, as nearly 3,000 stocks on the BSE declined, while only around 1,000 stocks advanced.
–IANS
