Stock Market Today: Sensex Closes Flat, Nifty Below 23,700

The broader market also showed weak trends, with the Nifty Midcap 100 and Smallcap 100 indices dropping by 1.1 per cent and 1.5 per cent, respectively

Twelve out of the thirteen indices ended the day lower

Source : PTI

Indian benchmark indices Nifty and Sensex had a muted session on Tuesday, as sharp declines in metal, PSU bank, and oil & gas stocks countered any gains. Profit booking further dampened market sentiment, although the resilient IT sector, the sole gainer of the day, helped the indices edge slightly higher. Despite this, the indices managed to extend their winning streak to a seventh consecutive session.

At the close, the Sensex was up by 32.81 points or 0.04 per cent at 78,017.19, while the Nifty gained 10.30 points or 0.04 per cent to settle at 23,668.65. A total of 1,019 shares advanced, 2,868 shares declined, and 107 remained unchanged.

Broader Market Update

The broader market also showed weak trends, with the Nifty Midcap 100 and Smallcap 100 indices dropping by 1.1 per cent and 1.5 per cent, respectively. 

Sectorial Update

Twelve out of the thirteen indices ended the day lower. The Nifty IT sector was the only exception, rising by more than 1 per cent due to gains in Infosys, TCS, HCL Tech, and Wipro. Nifty Bank, which had been up by 0.4 per cent at midday, eventually turned negative. The biggest decliners were Nifty Pharma, Metal, Oil & Gas, and PSU Bank, each falling by over 1 per cent. Nifty Auto, Consumer Durables, and Realty also saw declines, slipping by up to 1 per cent each.

Expert Comment

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates said, “Domestic benchmark indices opened higher on the back of strong global cues. However, after an initial spike, Nifty witnessed profit booking and ultimately settled the day on a flat note at 23,669. The broader market underperformed Nifty, with the Nifty Midcap 100 and Nifty Smallcap 100 indices declining by 1.06 per cent and 1.56 per cent, respectively. Meanwhile, the volatility index, India VIX, cooled off by 0.47 per cent to 13.64, indicating a decline in market volatility.”