Benchmark indices pared early losses by midday on Tuesday, with the Nifty 50 closing flat at 25,574.35, unchanged from its previous close, while the Sensex edged down 48.33 points or 0.06 per cent to 83,487.02 as of 12.40 pm. The market opened on a positive note with the Sensex starting at 83,671.52 and the Nifty at 25,617.00, but failed to sustain the momentum amid continued pressure on banking stocks.
Banking counters remained the biggest drag, with Bajaj Finance plunging 7.52 per cent to ₹1,003.40 and Bajaj Finserv declining 6.83 per cent to ₹1,973.70, extending their losses from the morning session. ONGC fell 1.71 per cent to ₹247.10, while TMPV dropped 1.33 per cent to ₹405 and Apollo Hospital shed 1.02 per cent to ₹7,453.
Aviation and telecom stocks provided support to the indices. IndiGo emerged as the top gainer, surging 2.60 per cent to ₹5,734, followed by Bharat Electronics which rose 2.16 per cent to ₹425.85. Bharti Airtel climbed 1.46 per cent to ₹2,049.30, while HDFC Life gained 1.41 per cent to ₹761.25 and Eicher Motors advanced 1.41 per cent to ₹305.70.
Broader market indices showed mixed performance. The Nifty Midcap 100 gained 60.15 points or 0.10 per cent to 60,166.55, while the Nifty Smallcap 100 declined 48.05 points or 0.26 per cent to 18,088.40. The Nifty Next 50 fell 206.10 points or 0.30 per cent to 69,423.10, and the Nifty Bank index was marginally down 5.25 points or 0.01 per cent at 57,914.90.
Market breadth remained negative with 2,264 stocks declining against 1,707 advancing on the BSE, while 208 remained unchanged. A total of 4,179 stocks were traded. The number of stocks hitting 52-week lows stood at 145, outnumbering the 89 stocks at 52-week highs. Additionally, 172 stocks hit the lower circuit compared to 131 in the upper circuit.
The market struggled to capitalize on overnight gains in U.S. markets as sustained foreign institutional investor selling continued to weigh on sentiment, with analysts maintaining their cautious stance on near-term prospects.