Sensex Ends Higher, Nifty Marginally Lower Amid Mixed Market Sentiment
The Indian stock market ended Tuesday's trading session on a mixed note, with the Sensex closing slightly higher while the Nifty ended marginally lower. Investors remained cautious amid mixed market sentiment, leading to a subdued trading session.
Mumbai: The Indian stock market ended Tuesday’s trading session on a mixed note, with the Sensex closing slightly higher while the Nifty ended marginally lower. Investors remained cautious amid mixed market sentiment, leading to a subdued trading session.
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Sensex Sees Modest Gains
The BSE Sensex gained 147.71 points, or 0.20%, to close at 74,602.12. Throughout the day, the index fluctuated between 74,785.08 and 74,400.37, reflecting the mixed investor sentiment.
Nifty Slides Marginally
On the other hand, the NSE Nifty slipped by 5.80 points, or 0.03%, to settle at 22,547.55. The Nifty touched a high of 22,625.30 and a low of 22,516.45 during the session, reflecting a marginal decline.
Sectoral Performance Mixed
The market witnessed a divided trend across sectors. While sectors like Nifty Auto, FMCG, Select Financial Services, Media, and Consumer Durables ended with gains of up to 0.84%, several other sectors saw declines, indicating cautious market sentiment.
Top Gainers and Losers
Among the top gainers were Bharti Airtel, Mahindra & Mahindra, Bajaj Finance, Nestle India, and Titan, which saw gains of up to 2.32%. On the downside, Hindalco, Dr. Reddy’s Labs, Trent, Hero MotoCorp, and Sun Pharma were among the top losers, with losses up to 3.10%.
Broader Market Indices Under Pressure
The broader market indices also saw some pressure, with the Nifty Midcap100 index falling by 0.62% and the Nifty Smallcap100 index slipping by 0.44%, signaling a challenging environment for mid and small-cap stocks.
Technical Outlook for Nifty
Hrishikesh Yedve from Asit C. Mehta Investment Limited noted that technically, Nifty has formed an inverted hammer candlestick pattern on the daily chart, indicating potential buying interest around the 23,500 levels. He suggested that if the index respects the 23,500 levels, a pullback rally towards 22,700-22,800 could be expected. However, a drop below the 22,500 mark could trigger further selling pressure.
India VIX Declines
The India VIX, which measures market volatility, cooled off by 5.03% to close at 13.72, indicating a decrease in market volatility.
Rupee Weakens Against Dollar
The Indian rupee also weakened by 50 paise, closing at 87.20 per dollar compared to 86.70 in the previous session, reflecting some pressure on the domestic currency.
Market Outlook
With the domestic benchmark indices set to remain closed on Wednesday, February 26, for the Maha Shivaratri holiday, traders will closely monitor market movements upon reopening. Market sentiment is expected to remain cautious, with investors waiting for further cues on the global economic outlook.
