Morning market: Nifty, Sensex trades flat

After having touched new highs on Monday, benchmark indices opened flat on Tuesday, with Nifty 50 at 22,085.65, down by 36.60 pts or 0.17 per cent, and Sensex traded at 72,673.50, down by 34.66 pts or 0.05 per cent as of 10.12 am.

As of 9.56 am, Sensex fell over 150 pts and Nifty declined over 70 pts.

Sectoral stocks of nifty realty, bank, consumer durables, and financial services traded in green. Nifty Auto fell by 1.06 per cent to trade at 20,263.55, and Nifty Pharma slipped by 0.71 per cent at 18,901.90.

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Commenting on the nifty outlook, Anand James, Chief Market Strategist, Geojit Financial Services, said, “three _dojis in as many days along with tentativeness in the 22175-22250 region penciled in yesterday to offer resistance, suggest that there is adequate caution. This provides a platform for large upsides aiming 22450-550 initially. Alternatively, inability to float above 22118, which would be our downside marker for the day, could delay upsides, but with several congestion supports not far below, chances of a collapse is very low.”

Meanwhile, Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher Pvt Ltd, said, “The support for the day is seen at 22000 while the resistance is seen at 22300.”

Stocks that gained on the NSE were Power Grid (higher by 3.56 per cent), Grasim Industries (1.57%), ONGC (1.22%), Kotak Bank (1%), and HDFC Bank (0.86%), meanwhile, stocks such as Hero Motorcorp (-2.90%), Eicher Motors (-2.64%), Bajaj Auto (-1.89%), Coal India (-1.73%), and BPCL (-1.50%) emerged as major laggards.

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In addition, Tech Mahindra stock declined by 0.35 per cent on the NSE, trading at ₹1,305.35 as of 10.05 am after the company disclosed its approval for the acquisition of 100 per cent equity shares in Orchid Cybertech Services, Inc, through Tech Mahindra’s wholly owned subsidiary vCustomer Philippines Inc. LTIMindtree had announced the launch of Navisource.AI, a GenAI-powered autonomous sourcing platform. The stock inched up by 0.53 per cent on the NSE, trading at ₹5,543.50. 

NBCC (India) stock rose by 2.19 per cent to trade at ₹144.40 on the NSE, following the receipt of orders worth ₹369.05 crore. Minda Corporation stock had hit a 52-week high today at ₹449.95, and currently trades at ₹432.50 on the NSE, up by 1.59 per cent as of 10.09 am.