Stock markets closed in positive territory on Tuesday, tracking mixed domestic cues. The Nifty traded sideways on expected lines and settled on a flat note. Weak core sector data and caution ahead of GST Council meet was weighing on sentiment from the beginning. Also, underperformance from the banking majors added to the pressure at higher levels. However, buying continued in the cash segment and kept the market breadth strongly positive.
The Sensex closed the day 47.79 points up at 26643.24, while the Nifty ended the day at 8192.25, up by 12.75 points.
“Mostly sectoral indices have been participating in this rebound, but sustainability at higher level seems difficult without banking. So, we suggest keeping a close eye on the banking counters for further cues. Meanwhile, maintain buy on dips approach in stocks and avoid contrarian trades for now,” said Jayant Manglik, President-Retail Distribution, Religare Securities Ltd.