Sensex, Nifty open flat, investors await fresh triggers

Mumbai: The Indian stock market opened flat on Tuesday as investors awaited fresh triggers. Both benchmark indices, the Sensex and Nifty, were slightly down in early trade.
The Sensex fell 76 points, or 0.09 percent, to trade at 84,824. Similarly, the Nifty fell 29 points, or 0.11 percent, to 25,931.
Market watchers said, “The Nifty is now finding immediate support at 25,850–25,800, a zone that is increasingly acting as an accumulation area for medium-term participants.”
Analysts further said, “On the upside, resistance is at 26,050–26,100, a supply zone that has consistently prevented intraday recoveries.”
Several blue-chip stocks dragged the index down. Power Grid, Infosys, Mahindra & Mahindra, Tech Mahindra, HCL Tech, Hindustan Unilever, Tata Motors Passenger Vehicles, ICICI Bank, ITC, Sun Pharma, and NTPC were the biggest losers, falling up to 0.9%.
However, some stocks supported the market. Bharat Electronics (BEL), Tata Steel, State Bank of India, Axis Bank, Asian Paints, Bajaj Finserv, and Eternal were among the top gainers.
Broader market indices also saw mild weakness. The Nifty Midcap index fell 0.07%, while the Nifty Smallcap index slipped 0.03%.
Sectorally, technology and FMCG stocks remained under pressure, with the Nifty IT and Nifty FMCG indices falling 0.4%. The Nifty Auto index was also down 0.16%.
On the bright side, metal and realty stocks performed better. The Nifty Realty index rose 1%, and the Nifty Metal index rose 0.57%.
Analysts said the market displayed a cautious tone as investors awaited new cues for further movement.
Market watchers said, “One key takeaway from Q2 results is that midcaps are outperforming largecaps in terms of revenue and profit growth.”
They added, “This reflects the strength of the midcap index, which recently hit a new record. When Q3 numbers indicate a return to earnings growth in largecaps, the picture could once again turn in largecaps’ favor.”