Daijiworld Media Network - Mumbai

Mumbai, Oct 27: Indian benchmark equity indices ended Tuesday’s trading session almost flat, as mixed sectoral trends kept the Sensex and Nifty subdued despite a strong rally in broader markets.

The Sensex settled at 73,598.87, down 8.08 points or 0.01 per cent, while the Nifty closed at 22,749.75, declining 3.45 points or 0.02 per cent.

On the technical outlook, market experts said the Nifty managed to close above its 20-day moving average (DMA) and 200-week moving average (WMA) on the daily chart after briefly slipping below these key levels, indicating buying support at lower levels.

However, selling pressure was visible near the 22,800 resistance zone, suggesting a sideways to mildly positive outlook in the short term.

Analysts identified 22,600 as the immediate support level and 22,800 as the key resistance. A sustained move above 22,800 could pave the way for the index to test 23,000. Traders were advised to adopt a level-based trading strategy.

Despite the muted performance of the benchmark indices, broader markets remained upbeat. The Nifty Midcap 100 index gained 1 per cent, while the Nifty Smallcap 100 outperformed, rising 2.70 per cent during the session.

Among sectors, private banking and financial services stocks came under pressure and emerged as the biggest laggards. In contrast, media, realty and pharmaceutical stocks witnessed buying interest, with their respective sectoral indices advancing between 2 and 3 per cent.

Among Sensex constituents, Bharti Airtel, Trent, Maruti Suzuki, Power Grid Corporation and Eternal were the leading gainers. State Bank of India (SBI), Axis Bank, Tata Consultancy Services (TCS), Asian Paints and HDFC Bank figured among the major losers.

Looking ahead, market participants said the direction of equities would depend on corporate earnings resilience, crude oil price movements, developments in the West Asia crisis and signals from the US Federal Reserve on its monetary policy.