Mumbai, Dec 23: Indian equity markets concluded Tuesday’s session on a mixed note, with benchmark indices showing limited movement as selling pressure in information technology stocks countered gains in select FMCG, metal and oil & gas shares. Cautious sentiment ahead of the weekly derivatives expiry kept investors on the sidelines for most of the day.
The Sensex ended marginally lower at 85,524.84, snapping its brief winning streak, while the Nifty 50 closed almost unchanged at 26,177.15, managing to hold on to modest gains for a third straight session. Market activity remained range-bound, reflecting a lack of strong directional cues.
Sector and Stock Highlights
IT stocks were the weakest link in today’s trade, as profit booking in large-cap technology names weighed on overall sentiment. Heavyweights such as Infosys, TCS and Tech Mahindra faced selling pressure, pulling the sector lower.
In contrast, FMCG, metals and oil & gas stocks provided support to the benchmarks. Buying interest in companies like ITC, Tata Steel, Coal India and ONGC helped limit losses and maintained stability in the broader market. Media stocks also witnessed steady buying, emerging as one of the better-performing sectors of the day.
Broader Market Performance
The broader market displayed selective strength. The small-cap segment outperformed the benchmarks, indicating continued investor interest in niche opportunities, while mid-cap stocks traded largely flat as participants remained cautious at elevated levels.
This mixed performance highlights a shift toward selective stock-specific strategies rather than broad market accumulation.
Technical View
Technically, the Nifty continues to trade above its key 26,000–26,100 support zone, which remains critical for maintaining short-term stability. As long as this level holds, the index may attempt gradual upward movement. Immediate resistance is placed around the 26,300–26,350 range, where fresh buying momentum will be required for a breakout.
Currency and Global Markets
The Indian rupee remained stable, reflecting balanced demand and supply amid year-end positioning. Global cues were mildly supportive, with Asian markets trading in positive territory following gains in US equities overnight. However, ongoing geopolitical developments and uncertainty around global growth continued to cap risk appetite.
Market Outlook
In the near term, markets are expected to remain volatile, driven by global trends, institutional flows and sector-specific developments. While domestic fundamentals remain supportive, investors are likely to adopt a cautious approach, focusing on fundamentally strong stocks with earnings visibility.