On Tuesday, while supportive global cues offered some early optimism, a lack of strong domestic triggers and selling pressure in IT stocks kept the Sensex and Nifty 50 confined to a narrow range throughout the day.
The BSE Sensex closed marginally lower, while the Nifty 50 settled almost unchanged near the 26,177 mark. Markets opened on a firm note, supported by gains in US and Asian markets, but failed to sustain momentum as investors remained selective in their approach.
IT stocks such as Infosys, TCS and Wipro came under pressure, dragging the benchmarks. On the other hand, buying interest in energy, metal and cement stocks helped limit losses. Stocks like Coal India, Shriram Finance and UltraTech Cement were among the notable gainers of the session.
Broader markets also mirrored the cautious mood. Mid-cap and small-cap stocks traded largely in line with benchmark indices, with no major sector witnessing sharp gains or losses. Trading volumes remained subdued, reflecting low risk appetite during the holiday-shortened week.
On the global front, GIFT Nifty indicated a firm start for Indian markets, tracking overnight gains on Wall Street. US markets closed higher, while major Asian indices also traded in the green, supported by optimism around global economic stability.
Despite positive global cues, analysts said Indian markets lacked strong domestic triggers to drive a decisive move. Mixed foreign investor activity and year-end profit booking further contributed to the sideways trend.