India's benchmark stock indices ended on a mixed note after concluding a choppy session on Tuesday.
The NSE Nifty 50 settled 3.05 points or 0.01%, up at 22,335.70, and the S&P BSE Sensex closed 165.32 points or 0.22%, higher at 73,667.96.
The Nifty rose 0.54% to hit an intra-day high of 22,452.55, and the Sensex rose 0.68% to 74,004.16.
The benchmark indices witnessed range-bound activity and intra-day buying in selective IT stocks, according to Shrikant Chouhan, head of equity research at Kotak Securities.
After an intraday technical bounce back, the Nifty and the Sensex took the resistance near 22,450/74,000 and corrected sharply. On intraday charts, it is still holding a weak texture, which indicates weak sentiment, and is likely to continue in the near future, Chouhan said.
For day traders now, 22,450/74,000 would act as a key resistance zone. Below the same level, the weak texture is likely to continue, he said.
Below 22,450/74,000, the market can slip to 22,250–22,200/73,400–73,200. Above 22,450/74,000, the sentiment can change. Above which, the market could bounce back up to 22,500–22,525/74,600–74,700, according to Chouhan.
HDFC Bank Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., Infosys Ltd., and Bharti Airtel Ltd. led the gains in the Nifty 50.
ITC Ltd., State Bank of India, Larsen & Toubro Ltd., Axis Bank Ltd., and Adani Enterprises Ltd. weighed on the benchmark index.
On the NSE, 10 out of the 12 sectors declined. The Nifty IT rose the most, while Realty was the top loser.
Broader markets underperformed benchmark indices as the BSE MidCap declined 1.3% and the BSE SmallCap fell 2.11%.
On the BSE, 19 out of 20 sectors declined. BSE Realty fell over 3% to become the top loser. The BSE TECK index rose the most.
The market breadth was skewed in favour of the sellers as 3,220 stocks declined, 675 advanced and 72 remained unchanged on the BSE.
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