Mumbai, May 21 (IANS): Indian equity benchmarks closed on a flat note on Tuesday following sideways trading in the market.

At closing, Sensex was down 52 points or 0.07 per cent, at 73,953 points and Nifty was up 27 points or 0.12 per cent, at 22,529 points.

In Tuesday's session, Midcap stocks outperformed smallcap and largecap stocks. The Nifty Midcap 100 index was up 199 points or 0.38 per cent, at 52,068 points, while the Nifty Smallcap 100 index was down 69 points or 0.41 per cent, at 16,939 points.

Among the sector indices, Auto, PSU Bank, Pharma, Metal, Media, and Energy were major gainers. IT, Fin service, FMCG, Realty, Private Bank, and Consumption were major losers.

Tata Steel, JSW Steel, Power Grid, Tech Mahindra and NTPC were top gainers. Nestle, Maruti Suzuki, IndusInd Bank, ICICI Bank and HUL were the top losers.

Rupak De, Senior Technical Analyst, LKP Securities said, "The index remained within the range of 22,400 and 22,600. Strong put writing at 22,400 and 22,500 might provide support to the Nifty. On the higher end, a decisive move above 22,600 might induce a rally towards 22,800 in the near term."

"Till then, the index might continue consolidating as long as it remains within the range of 22,400 to 22,600," he added.