New Delhi [India], December 30 : Indian stock indices closed Tuesday's trade largely on a steady note, likely owing to thin trade ahead of the year's closing.
Sensex closed the day at 84,675.08 points, down 20.46 points, while Nifty closed at 25,938.85 points, down 3.25 points, respectively. On the sectoral front, Nifty auto, metal, PSU bank, traded sharply higher in the green, while Nifty IT, realty, chemicals traded deep in the red, NSE data showed.
Domestic benchmark equity indices opened on a subdued note on Tuesday, with market sentiment remaining cautious amid a lack of positive triggers. Experts expect markets to stay range-bound with a negative bias, driven by FPI outflows, monthly index expiry and mixed global cues.
Market participants remained guarded despite strong domestic macro data.
"Indian equity markets ended flat in a lacklustre session amid mixed global cues, overshadowing strong November IIP data showing 6.7 per cent growththe highest in 25 months. Muted year-end activity and persistent concerns over FII outflows kept investors on the sidelines," said Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Vinod Nair, Head of Research, Geojit Investments Limited, said that the domestic market remained volatile, despite supportive global cues and selective value buying.
"A stronger rupee provided some respite, yet overall sentiment stayed cautious amid persistent FII outflows. Sector-wise, while auto stocks gained on robust IIP data, metal stocks gained due to higher metal prices enabling better realisations. Similarly, PSU banks advanced on improved asset quality. Looking ahead, the market is anticipated to stay sideways, awaiting more pronounced outcomes from US-India trade talks and the Q3 results calendar," Nair added.
According to Ajit Mishra - SVP, Research, Religare Broking Ltd, participants are likely to stay in a wait-and-watch mode in search of the next directional trigger, with global cues remaining mixed and trading volumes subdued.
"In the interim, a stock-specific approach remains preferable, with banking, auto and metal stocks continuing to display relative strength, while other sectors contribute on a rotational basis," Mishra added.
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