Sensex: The Nifty rises as the closes flat

Sensex: Indian equity benchmark indexes closed Tuesday’s trading session on a mixed note, with buying in banking, FMCG, and metal companies offering some support while weakness in information technology sectors weighed on the market.

The weekly expiration of Nifty derivatives contributed to the cautious attitude of investors.

After breaking its two-day winning run, the Sensex ended the day slightly down, falling 0.05 percent to finish at 85,524.84.

The Nifty, on the other hand, was able to maintain its gains for the third straight session, gaining 0.02 percent, or 4.75 points, to close at 26,177.15.

“Technically speaking, the Nifty is still well above the crucial support area of 26,000–26,100, which serves as a solid foundation for the index,” analysts said.

Market observers said that “staying above this zone could keep the short-term bias positive.”

Supported by buying demand in FMCG and metal companies, shares of ITC, UltraTech Cement, and Tata Steel finished as the top gainers on the BSE.

However, Bharti Airtel and other IT giants like Infosys and Tech Mahindra placed pressure on the index and ended up being the biggest losses.

On the NSE, Coal India, Shriram Finance, and ITC were among the top gainers, following a similar pattern.

Selling in Bharti Airtel and Infosys, however, dampened market mood and limited gains.

A mixed trend was seen in broader markets. While the Nifty MidCap 100 index finished almost unchanged, the Nifty SmallCap 100 index increased 0.37 percent, showing selective purchasing in smaller firms.

The largest sectoral laggard of the day was the IT index, which dropped 0.80 percent as a result of the ongoing decline in technology companies.

The media index, on the other hand, had the biggest increase, rising by 0.84%. The market’s overall decline was lessened by the higher closing prices of metal, media, and FMCG companies.

Tuesday saw the Indian rupee close flat for the second consecutive session as the losses were offset by year-end rebalancing.

According to analysts, “the USDINR pair is slated for consolidation between 89.10 and 90.30, with a trend reversal only likely on a move below 89.”