India's benchmark equity gauges erased all their gains in the last hour of the session on Tuesday and ended little changed as losses in the shares of Reliance Industries Ltd. and ICICI Bank Ltd. weighed. The NSE Nifty 50 ended 5.65 points or 0.02%, up at 23,264.85, while the S&P BSE Sensex closed 33.49 points or 0.04%, lower at 76,456.59.
During the day, the Nifty gained as much as 0.56% to 23,389.45 and the Sensex gained 0.48% to 76,860.53.
"The short-term texture suggests 23,400/77,000 would be the key resistance zone for the short-term traders, while 23,200/76,300 would act as a crucial support zone," Shrikant Chouhan, head of equity research at Kotak Securities, said. "We are of the view that, post the 23,400/77,000 breakout, the market could rally up to 23,500–23,525/77,300–77,400."
Shares of Reliance Industries Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd., ITC Ltd., and Axis Bank Ltd. weighed on the Nifty the most.
Larsen & Toubro Ltd., Oil & Natural Gas Corp., Tata Motors Ltd., Maruti Suzuki India Ltd., and Mahindra & Mahindra Ltd. minimised the losses.
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On the NSE, the Nifty Media and Oil & Gas were the top gainers, whereas Pharma lost the most.
The broader markets outperformed benchmark indices as the BSE MidCap ended 0.74% higher and the SmallCap settled 0.95% higher.
Seventeen out the 20 sectors on the BSE advanced, with Oil & Gas being the top-performing sector. Metal was the worst-performing sector.
The market breadth was skewed in favour of the buyers as 2,468 stocks advanced, 1,390 declined and 111 remained unchanged on the BSE.
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