Sensex Closes Steady, Midcap and Smallcap Stocks Shine
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Mumbai, Dec 10 (NationPress) The Indian stock market concluded with a steady performance on Tuesday following a session characterized by range-bound trading.
At the close, the Sensex registered a minor increase of 1.59 points to reach 81,510.05, while the Nifty experienced a decline of 8.95 points to finish at 24,610.05.
In contrast, the broader market exhibited a positive trend. On the Bombay Stock Exchange (BSE), 2,025 stocks ended in the green, 1,938 stocks closed in the red, and 130 stocks remained unchanged.
Throughout the session, midcap and smallcap stocks significantly outperformed their largecap counterparts. The Nifty midcap 100 index rose by 136.65 points, or 0.23 percent, reaching 59,135, while the Nifty smallcap 100 index climbed 54.60 points, or 0.28 percent, to 19,583.
Among the sectoral indices, IT, PSU Bank, FMCG, metal, realty, and private bank sectors were the primary gainers. In contrast, auto, pharma, media, energy, and infrastructure sectors lagged behind.
A market analyst commented: "The upcoming inflation data from the US and India will be crucial for understanding potential future rate adjustments. India's CPI will be a key marker for underlying earnings growth, which has been revised down for H1FY25."
"Overall, investor sentiment has remained cautious amidst ongoing economic uncertainties and specific sector challenges," the analyst added.
Top gainers included Bajaj Finserv, HCL Tech, SBI, Infosys, Bajaj Finance, ICICI Bank, Kotak Mahindra Bank, M&M, Titan, Tata Steel, Tata Motors, Asian Paints, and IndusInd Bank. The major losers were Bharti Airtel, Tech Mahindra, Reliance, Axis Bank, Maruti, Nestle India, L&T, and UltraTech Cement.
LKP Securities' Senior Technical Analyst Rupak De expressed: "The Nifty recorded another lacklustre trading session, remaining confined within the band of 24,500 to 24,650. Sentiment is expected to stay sideways in the near term unless the index makes a decisive breakout beyond this range."
"A dip below 24,470 could instigate a correction of 200 to 250 points, while resistance is anticipated at 24,700 to 24,750," he added.
