MUMBAI — The Indian stock market on Tuesday traded in a narrow range amid
mixed signals from global markets.
Despite fluctuations, the benchmark indices ended the day
with only marginal losses.
The Sensex touched a low of 75,531 during intra-day trade
but managed to recover slightly, closing 29 points lower at 75,967.
Similarly, the Nifty 50 fluctuated between 22,801 and
22,992 before settling at 22,945, down just 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 per cent.
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 per cent.
On the Nifty index, NTPC led the gains with a 3.19 per
cent increase while Tech Mahindra, Wipro, ONGC, and Apollo Hospital were other
top gainers.
On the other hand, Trent and Mahindra & Mahindra
were among the top losers by slipping up to 2.5 per cent.
"Technically, on the daily scale, Nifty has formed a
hammer candlestick pattern near a multiple support zone, indicating
strength," a market expert said.
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 per cent. The Nifty Bank declined 196.25
points or 0.40 per cent to end the intra-day session at 49,062.65.
Meanwhile, the BSE MidCap index managed to end on a flat
note. The Nifty Consumer Durables and FMCG indices faced significant losses, with
the Nifty Consumer Durables ending 1.36 per cent lower and the Nifty FMCG
closing down 0.88 per cent.
Small-cap stocks continued to struggle, extending their
underperformance for another trading session as the stocks in the segment
declined up to 10 per cent during the session.
Market sentiment remained bearish, as nearly 3,000 stocks
on the BSE declined, while only around 1,000 stocks advanced.
