Nifty, Sensex End Little Changed After Hitting Records As Banks Weigh: Market Wrap
On the BSE, 13 sectors declined and seven advanced, with Telecommunication declining the most and IT rising the most.
The benchmark equity indices ended a volatile session flat on Tuesday after hitting record highs in the early trade as shares of banks weighed on them.
The NSE Nifty 50 ended 18.10 points or 0.07%, lower at 24,123.85, while the S&P BSE Sensex closed 34.74 points or 0.04%, lower at 79,441.45.
During the day, the Nifty advanced as much as 0.39% to a record high of 24,236.35 and the Sensex rose 0.48% to an all-time high of 79,855.87.
The medium-term texture of the market is still on the positive side, according to Shrikant Chouhan, head of equity research at Kotak Securities. "For the day traders now, 24,200/79,700 would be the immediate resistance zone," he said. "Below the same level, the market could retest the level of 24,000–23,950/79,100–79,000."
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Shares of ICICI Bank Ltd., Bharti Airtel Ltd., Kotak Mahindra Bank Ltd., State Bank of India, and Tata Motors Ltd. dragged the Nifty the most.
HDFC Bank Ltd., Larsen & Toubro Ltd., Infosys Ltd., Tata Consultancy Services Ltd., and Reliance Industries Ltd. minimised the losses.
Most sectoral indices on the NSE ended lower, with the Nifty PSU Bank being the top loser.
The broader markets ended on a mixed note, as the BSE MidCap ended 0.57% lower and the SmallCap settled 0.07% higher.
On the BSE, 13 sectors declined and seven advanced out of 20, with telecommunications declining the most and information technology rising the most.
The market breadth was skewed in favour of the buyers as 2,051 stocks rose, 1,864 declined, and 93 remained unchanged on the BSE.
