Stock Market Settles Flat, Auto And Financial Services Stock Gain

(MENAFN- IANS) Mumbai, Sep 23 (IANS) The domestic equity indices settled flat on Tuesday amid persistent selling in IT stocks amid buying in the auto and financial services sectors.

Sensex ended the session at 82,102.10, down 57.87 points or 0.07 per cent. The 30-share index started the session flat at 82,147.37 against last session's closing of 82,159.97. The index remained range-bound amid selling in IT and FMCG stocks.

Nifty closed at 25,169.50, down 32.85 points or 0.13 per cent.

"The markets experienced significant volatility on the Nifty index's weekly expiry day. The Nifty formed a high wave candlestick pattern on the daily chart, indicating a consolidation phase marked by trader indecision and a lack of clear directional conviction," an analyst said.

The index has strong psychological support at the 25,000 level, and as long as it holds above this mark, a pullback towards the 25,300–25,400 zone remains likely, the analyst added.

Tech Mahindra, Trent, Ultratech Cement, Hindustan Unilever, Asian Paint, Eternal, ITC, Bharti Airtel, HCL Tech, Sun Pharma and HDFC Bank were the top losers. While Axis Bank, Bajaj Finance, Maruti, SBI, Kotak Bank, Tata Steel, NTPC, Tata Motors, Mahindra and Mahindra and PowerGrid settled higher.

Sectoral indices experienced a mixed approach. Nifty Bank rose 225 points or 0.41 per cent, Nifty Fin Services ended the session 31 points or 0.12 per cent higher, and Nifty Auto surged 167 points or 0.62 per cent. Meanwhile, Nifty FMCG fell 725 points or 1.29 per cent, and Nifty IT slipped 251 points or 0.71 per cent.

The broader indices followed the trend as well. Nifty Smallcap 100 dipped 97 points or 0.53 per cent, Nifty Midcap 100 fell 202 points or 0.35 per cent, and Nifty 100 ended the session 48 points or 0.19 per cent.

The domestic equity market traded rangebound and ended flat, indicating the continuation of the consolidation. Broader sentiment stayed cautious, with small- and mid-cap stocks lagging the benchmarks. Sector-wise, autos, metals, and financials gained on signs of robust festive demand post-GST cuts, while FMCG and realty stocks came under pressure from profit booking, according to an market analyst.

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