The Sensex closed lower on Tuesday, down 12.99 points, or 0.02%, at 76,944.28, as banking and pharma stocks dragged on the market.
The Nifty50 fell 24.60 points, or 0.1%, to end at 24,055.80, staying close to the 24,050 mark through the session.
Weakness in pharmaceutical, banking, auto and realty stocks offset gains in the IT and FMCG segments during the day’s trade.
The muted close came despite strong domestic GDP data, with sector-specific losses outweighing the broader positive economic backdrop.
IT stocks extended their recent outperformance relative to the rest of the market, even as the Sensex and Nifty ended in negative territory.
The muted close came despite strong GDP data released around the same period, with sector-specific weakness outweighing the broader macroeconomic tailwind.
IT stocks extended their recent run of strength, continuing to outperform the broader market even as other sectors dragged the headline indices lower.
FMCG shares also held up relatively well during the session, providing some counterbalance to the declines in banking and pharma counters.
Markets had been broadly volatile in the days leading up to the session, with sentiment swinging between global cues and domestic sector-specific developments.
Analysts have flagged upcoming domestic earnings commentary and global rate signals as key factors likely to shape near-term direction for the indices.
The Nifty has hovered near the 24,000-24,200 range over recent sessions, with traders watching for a decisive break in either direction.
Sector rotation has been a recurring theme in recent weeks, with gains in one segment of the market frequently offset by weakness in another on the same trading day.
Broader market breadth was mixed during the session, with advances and declines roughly balanced across the wider set of listed stocks beyond the headline indices.
Losses in pharmaceutical, banking, auto and realty stocks weighed on the benchmark indices, offsetting gains posted by information technology and FMCG shares during the session.
Photo of the National Stock Exchange, Wikimedia Commons, CC BY-SA 4.0
