The benchmark equity indices ended on a muted note on Tuesday after declining for the past two sessions, with share prices of Reliance Industries Ltd. and Bharti Airtel Ltd. dragging the most.
The NSE Nifty 50 closed 8.95 points or 0.04% down at 24,610.05, while the BSE Sensex settled 1.59 points up at 81,510.05. During the day, the Nifty declined as much as 0.44% to 24,510.65 and the Sensex fell 0.40% to 81,182.69.
After the flat opening, the Nifty moved marginally higher before reversing to test its immediate support of 24,550, according to Aditya Gaggar, director of Progressive Share Brokers. "On the daily chart, the Nifty has formed a hammer kind of pattern, which suggests a strong bottom/support is being placed at 24,500–24,550 and is set to move towards the recent high of 24,850."
The Nifty showcased resilience by defending the 24,600 level, rallying 60–70 points in the final hour. This move reinforces confidence in the potential 25,000 target, according to Gaurav Garg, research analyst at Lemonn Market Desk.
Infosys Ltd., ICICI Bank Ltd., State Bank of India, HCL Technologies Ltd. and Shriram Finance Ltd. led the gains in the Nifty.
Bharti Airtel, RIL, Larsen & Toubro Ltd., Axis Bank Ltd. and Tata Consultancy Services Ltd. dragged the index the most.
Seven out of the 12 sectors on the NSE advanced. The Nifty Realty rose the most, while Media and Energy declined the most.
The broader markets outperformed the benchmark indices as the BSE MidCap and SmallCap closed 0.30% and 0.33% higher respectively.
On the BSE, 11 sectors advanced, while 10 declined out of 21. Realty rose the most and Telecommunication declined the most.
The market breadth was skewed in favour of the buyers as 2,024 stocks advanced, 1,941 declined and 128 remained unchanged on the BSE.
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