Mumbai, June 10 (IANS) Indian benchmark indices ended on a mixed note on Wednesday, with the Sensex closing marginally higher while the Nifty slipped into the red as selling pressure in metal, PSU bank and realty stocks erased a large part of the day’s gains.

The Sensex rose 64.42 points, or 0.09 per cent, to close at 73,983.18. The Nifty, however, slipped 27.15 points, or 0.12 per cent, to settle at 23,214.95.

Commenting on Nifty technical outlook, experts said that the 23,250–23,300 zone continues to act as the immediate resistance area, followed by 23,450, where the previous breakdown was initiated.

“On the downside, 23,100 remains the immediate support level. A decisive break below this zone may lead to further weakness towards 23,000, followed by the 22,850–22,900 region, which coincides with the lower band of the current falling channel,” an analyst stated.

Markets witnessed profit booking in the second half of the session, with weakness in metal, PSU bank and realty stocks weighing on investor sentiment. The decline in these sectors led the benchmark indices to retreat from the day’s highs.

Among the Nifty constituents, Hindalco Industries, Coal India and Oil and Natural Gas Corporation (ONGC) emerged as the top laggards.

On the other hand, buying interest in select heavyweight stocks helped limit losses in the broader market.

On the Sensex, Hindustan Unilever (HUL), Axis Bank and Kotak Mahindra Bank were among the top gainers, supporting the index and helping it finish in the green.

The broader markets witnessed sharper selling pressure. The Nifty MidCap index ended 1.49 per cent lower, while the Nifty SmallCap index declined 1.33 per cent.

Sectorally, the Nifty Media, Nifty PSU Bank and Nifty Realty indices were the worst performers during the session.

In contrast, the Nifty FMCG, Nifty Private Bank and Nifty Chemical indices outperformed the broader market.

The Nifty FMCG index gained more than 1 per cent, driven by strong buying in consumer-focused stocks.

However, losses in mid-cap and small-cap shares overshadowed the gains in defensive sectors, with both the Nifty MidCap 100 and Nifty SmallCap indices ending the day more than 1 per cent lower.

Experts said that the mixed closing reflected cautious investor sentiment as market participants booked profits in rate-sensitive and cyclical sectors while rotating into defensive and private banking stocks.

–IANS

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