The Indian stock market closed largely unchanged on Tuesday, reflecting a continuation of the ongoing consolidation phase. The BSE Sensex slipped 53.49 points to settle at 82,391.72, while the NSE Nifty inched up by a single point to end at 25,104.25.
IT stocks led the gains, with the Nifty IT index rising 1.67%. Other sectoral indices that closed in the green included pharma, FMCG, metals, media, energy, and commodities. On the other hand, auto, PSU banks, financial services, realty, and infra indices registered losses.
Among the top gainers on the Sensex were Tech Mahindra, Tata Motors, Infosys, HCL Tech, UltraTech Cement, TCS, ITC, Axis Bank, Nestle, and Adani Ports. Meanwhile, Maruti Suzuki, Asian Paints, Bajaj Finance, Tata Steel, Bajaj Finserv, ICICI Bank, and Reliance Industries ended the day in the red.
According to analysts, the Nifty has managed to sustain levels above its previous consolidation zone on the daily chart, suggesting the uptrend remains intact.
“This positive sentiment is likely to persist and favours long trades as long as the index stays above the key support level of 24,850. If the Nifty breaks decisively above 25,350, we may see an extended rally in the short term,” said Rupak De, Senior Technical Analyst at LKP Securities.
Vikram Kasat, Head of Advisory at PL Capital, added that despite the current consolidation, factors such as improving liquidity, resilient corporate earnings, and continued interest from foreign portfolio investors (FPIs) are supporting market optimism.
On the currency front, the rupee traded flat to slightly positive at around 85.67 to the dollar. Analysts said last week’s 0.50% rate cut by the Reserve Bank of India—bringing the total rate reduction to 100 basis points—has added liquidity, helping offset pressure from rising crude oil prices. The rupee is expected to remain range-bound between 85.25 and 86.00 in the near term.
Meanwhile, gold prices hovered in a tight range between $3,315 and $3,320 per ounce and around ₹97,000 per 10 grams in the domestic market. Market participants are awaiting cues from upcoming US-China trade talks and the release of US Consumer Price Index (CPI) data later this week.
“Any positive outcome in US-China trade discussions could push gold down towards ₹95,000, while negative commentary might drive prices higher towards ₹98,500 and $3,360 levels,” said Jateen Trivedi, VP Research Analyst at LKP Securities.
-IANS