Mumbai (Maharashtra) [India], October 28 (ANI): The Indian stock market ended flat on Tuesday as profit-taking dragged down both key equity indices, the Sensex and the Nifty.
At the close of trade, the BSE Sensex slipped 150.68 points, or 0.18 percent, to settle at 84,628.16, while the Nifty50 at the National Stock Exchange (NSE) fell 29.85 points, or 0.11 percent, to end at 25,936.20.
Consumer and IT stocks led the market decline, while metal stocks rose on optimism over a potential US-China trade deal. PSU banks also gained after reports suggested that the government may raise the foreign institutional investment (FII) ceiling.
On the sectoral front, Nifty Metal emerged as the top gainer, up 1.23 percent, followed by Nifty PSU Bank, which rose 1.21 percent. In contrast, Nifty Realty and Nifty CPSE were the top sectoral losers.
Among individual stocks, JSW Steel and Tata Steel closed as the top gainers, while Bajaj Finserv and Trent were among the top losers. The broader market indices outperformed the benchmark indices, with the Midcap Index ending 0.02 percent lower and the Smallcap Index inching up 0.02 percent.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said the Nifty Index formed a small-bodied candle with a minor upper shadow and a long lower shadow on the daily chart, signaling indecision among market participants throughout the session.
“Over the past two sessions, Nifty has struggled to decisively move past the 26,000–26,050 zone, which now serves as a near-term hurdle. The advance-decline ratio was tilted in favor of the bears as 274 out of the Nifty 500 stocks closed in the red, showing that selling pressure was broad-based and not confined to heavyweight names,” Shah noted.
He added that the zone of 26,050–26,100 would act as immediate resistance, while Nifty has strong support at the 25,800 level, from where it rebounded during the session.
Praveen Dwarakanath, Vice President of Hedged.in, said, “The index on the weekly chart is trading on the upper Bollinger band, indicating strength. Momentum indicators are also pointing toward further upside.”
Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services Ltd, added, “We expect the markets to remain firm, tracking positive global cues, macroeconomic data, and domestic Q2 earnings.” (ANI)
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