Sensex, Nifty end flat as pharma, realty stocks shine

Mumbai: Indian benchmark equity indices ended Tuesday's trading session on a muted note, with the Sensex and Nifty closing largely flat amid mixed sectoral trends and a strong rally in broader markets.

The Sensex settled at 73,598.87, down 8.08 points, or 0.01 per cent, while the Nifty ended at 22,749.75, lower by 3.45 points, or 0.02 per cent.

Commenting on Nifty technical outlook, experts said that the Nifty index managed to close above its 20 DMA and 200 WMA on the daily chart after briefly slipping below these key technical levels, indicating buying support at lower levels.

"However, selling pressure is visible near the 22,800 resistance zone. The overall setup suggests a sideways to mildly positive outlook in the short term," analysts stated.

"On the downside, 22,600 remains an immediate support, while 22,800 is the key hurdle. A sustained move above 22,800 could open the door for a test of 23,000. Hence, traders should adopt a level-based trading strategy," market watchers noted.

Despite the lacklustre performance in the headline indices, broader market sentiment remained upbeat. The Nifty Midcap 100 index rose 1 per cent, while the Nifty Smallcap 100 outperformed significantly, gaining 2.70 per cent during the session.

Sector-wise, private banking and financial services stocks remained under pressure and emerged as the biggest laggards. On the other hand, buying interest was seen in media, realty and pharmaceutical shares, with the respective sectoral indices advancing between 2 and 3 per cent.

Among the Sensex constituents, Bharti Airtel, Trent, Maruti Suzuki, Power Grid Corporation and Eternal were the top gainers of the day. In contrast, State Bank of India (SBI), Axis Bank, Tata Consultancy Services (TCS), Asian Paints and HDFC Bank ended among the major losers.

"Going forward, market direction will hinge on earnings resilience, crude trends, evolving developments in the West Asia crisis and the Fed’s policy signal," market watchers noted.

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