The broader market indices outperformed the main indices, as the BSE Midcap and Smallcap indices both rose by 0.3 percent. The Indian benchmark indices concluded with little change during a highly volatile trading session on December 10. By the end of the day, the Sensex had increased by 1.59 points to close at 81,510.05, while the Nifty fell by 8.95 points, or 0.04 percent, to 24,610.05.
Following a mixed to positive start, the market remained in positive territory during the early part of the day. However, profit-taking in the latter half pulled the Nifty into negative territory. Nonetheless, last-minute buying, particularly in IT and Realty stocks, offset the losses, resulting in minimal net change.
Bharti Airtel, Adani Ports, Adani Enterprises, Dr Reddy's Laboratories, and HDFC Life were among the primary laggards on the Sensex, while Bajaj Finserv, Infosys, HCL Technologies, Wipro, and Shriram Finance stood out as gainers.
The broader indices exceeded the performance of the major indices, with BSE Midcap and Smallcap indices both rising by 0.3 percent.
Sector-wise, power, telecom, and media sectors decreased between 0.5 to 1 percent, while IT, metal, PSU Bank, and realty sectors advanced by 0.4 to 1 percent.
More than 280 stocks reached their 52-week highs on the BSE, including Nippon Life India Asset Management, ITI, LTIMindtree, EID Parry, MphasiS, Lloyds Metals, BLS International, Persistent Systems, Piramal Enterprises, HCL Technologies, Wipro, Coforge, Indian Hotels, Max Healthcare, L&T, and Krishna Institute of Medical Sciences, among others.
After a flat start, the index gradually increased before reversing to test its immediate support level at 24,550. Select heavyweights in the last hour of trading pushed the index up to finish at 24,610.05, reflecting a loss of 8.95 points. The Realty sector continued to perform well, closing with over a 1 percent gain, followed by IT and PSU Banks, while Media and Energy sectors lagged behind.
Mid and Smallcaps successfully finished the day in positive territory, surpassing the benchmark index's performance.
On the daily chart, the Nifty50 exhibited a Hammer pattern, indicating that strong support is being established around 24,500-24,550 and is poised to pursue the recent high of 24,850.
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty went through another uninspired trading session, remaining within the range of 24,500 to 24,650. The sentiment is likely to stay sideways in the near future unless the index makes a clear move outside this range.
A drop below 24,470 could initiate a correction of 200 to 250 points, while resistance is anticipated between 24,700 and 24,750.
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