MUMBAI: The Indian stock market on Tuesday traded in a narrow range amid mixed signals from global markets.
Despite fluctuations, the benchmark indices ended the day with only marginal losses.
The Sensex touched a low of 75, 531 during intra-day trade but managed to recover slightly, closing 29 points lower at 75, 967.
Similarly, the Nifty 50 fluctuated between 22, 801 and 22, 992 before settling at 22, 945, down just 14 points from its previous close.
Among the top gainers in the Sensex 30 pack were power companies NTPC and Power Grid Corporation, which saw gains of up to 3 per cent. Tech Mahindra, Zomato, HCL Technologies, and Kotak Mahindra Bank also performed well.
On the other hand, stocks like IndusInd Bank, Hindustan Unilever, UltraTech Cement, Mahindra & Mahindra, and TCS faced selling pressure, slipping between 1 and 2 per cent.
On the Nifty index, NTPC led the gains with a 3.19 per cent increase while Tech Mahindra, Wipro, ONGC, and Apollo Hospital were other top gainers.
On the other hand, Trent and Mahindra & Mahindra were among the top losers by slipping up to 2.5 per cent.
"Technically, on the daily scale, Nifty has formed a hammer candlestick pattern near a multiple support zone, indicating strength, " a market expert said.
Hrishikesh Yedve from Asit C. Mehta Investment Intermediates Ltd said: "As long as the index holds the recent low of 22, 725, a buy-on-dips strategy remains favourable."
He added that the 21-Day Simple Moving Average (DSMA) at 23, 240 acts as an immediate hurdle, and a decisive move above this level could confirm a near-term bottom reversal.
The broader market showed signs of weakness, with the BSE SmallCap index declining nearly 1.5 per cent. The Nifty Bank declined 196.25 points or 0.40 per cent to end the intra-day session at 49, 062.65.
Meanwhile, the BSE MidCap index managed to end on a flat note. The Nifty Consumer Durables and FMCG indices faced significant losses, with the Nifty Consumer Durables ending 1.36 per cent lower and the Nifty FMCG closing down 0.88 per cent.
Small-cap stocks continued to struggle, extending their underperformance for another trading session as the stocks in the segment declined up to 10 per cent during the session.
Market sentiment remained bearish, as nearly 3, 000 stocks on the BSE declined, while only around 1, 000 stocks advanced.