Mumbai, Dec 23 (IANS) Indian equity benchmark indices ended on a mixed note on Tuesday, as weakness in information technology stocks weighed on the market, even as buying in financial, FMCG and metal shares provided some support.

Investor sentiment also remained cautious due to the weekly expiry of Nifty derivatives.

The Sensex snapped its two-day winning streak and closed marginally lower, slipping 0.05 per cent to settle at 85,524.84.

In contrast, the Nifty managed to extend its gains for a third consecutive session, inching up 0.02 per cent, or 4.75 points, to end at 26,177.15.

“From a technical perspective, the Nifty remains well placed above the key support zone of 26,000–26,100, which continues to act as a strong base for the index,” experts stated.

“Sustaining above this zone could keep the short-term bias positive,” market watchers mentioned.

On the BSE, shares of ITC, UltraTech Cement and Tata Steel closed as the top gainers, supported by buying interest in FMCG and metal stocks.

On the other hand, IT majors such as Infosys and Tech Mahindra, along with Bharti Airtel, put pressure on the index and emerged as the top losers.

A similar trend was seen on the NSE, where Coal India, Shriram Finance and ITC finished among the top gainers.

Meanwhile, selling in Infosys and Bharti Airtel dragged on market sentiment and capped gains.

Broader markets showed a mixed trend. The Nifty SmallCap 100 index rose 0.37 per cent, reflecting selective buying in smaller stocks, while the Nifty MidCap 100 index ended almost unchanged.

On the sectoral front, the IT index was the biggest laggard of the day, falling 0.80 per cent due to continued weakness in technology stocks.

In contrast, the media index led the gains with a rise of 0.84 per cent. Metal, media and FMCG stocks also closed higher, helping limit the downside in the broader market.

The Indian rupee ended flat for the second straight session on Tuesday, as year-end rebalancing neutralised the losses.

“The USDINR pair is slated for consolidation between 89.10 and 90.30, with a trend reversal only likely on a move below 89,” experts stated.

–IANS

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