The Indian stock market closed flat on Tuesday as investors remained cautious due to mixed market sentiment.
The Sensex gained 147.71 points, or 0.20 percent, to close at 74,602.12. During the session, the index moved between 74,785.08 and 74,400.37. Meanwhile, the Nifty closed marginally lower, slipping 5.80 points, or 0.03 percent, to settle at 22,547.55. It touched an intra-day high of 22,625.30 and a low of 22,516.45.
Market performance was mixed, with 31 of the 50 Nifty stocks ending lower. According to Rupak De from LKP Securities, the index remained mostly muted except for a small correction toward the close. A rise toward resistance levels could attract selling pressure, he said.
Hindalco, Dr Reddy’s Labs, Trent, Hero MotoCorp, and Sun Pharma were among the top losers, falling by up to 3.10 percent. On the other hand, Bharti Airtel, Mahindra & Mahindra, Bajaj Finance, Nestle India, and Titan gained up to 2.32 percent.
Broader market indices also faced pressure. The Nifty Midcap100 index declined by 0.62 percent, while the Nifty Smallcap100 index slipped by 0.44 percent.
Among sectoral indices, Nifty Auto, FMCG, Select Financial Services, Media, and Consumer Durables rose by up to 0.84 percent. Other sectors saw declines, reflecting cautious market sentiment.
Technically, Nifty formed an inverted hammer candlestick pattern on the daily chart, indicating buying interest around the 23,500 level, according to Hrishikesh Yedve from Asit C. Mehta Investment Limited. As long as the index holds above this level, a pullback rally toward 22,700-22,800 could be possible. However, this zone will act as a resistance level, while a drop below 22,500 could trigger fresh selling pressure. Traders are advised to monitor these levels for potential opportunities.
India VIX, the volatility index, dropped by 5.03 percent to 13.72, indicating a decline in market volatility.
The domestic benchmark indices will remain closed on Wednesday, February 26, due to the Maha Shivaratri holiday.
In the currency market, the Indian rupee weakened by 50 paise, closing at 87.20 per dollar compared to 86.70 in the previous session.
-IANS
