Closing bell: Sensex, Nifty end flat amid border tensions; RIL, Tech Mahindra, Eternal, HCLTech, Infosys lead

Indian equity market ended flat in a range-bound trade on Tuesday as investors took some breather after a recent rally and booked profit at higher levels. The geopolitical concerns over border tensions also kept investors on edge, while mixed Q4 results also dented sentiments, raising the risk of downward revisions to FY26 growth projections.

The BSE Sensex ended 70 points, or 0.1%, higher at 80,288, and the NSE Nifty settled with a marginal gain of 7 points at 24,336. The broader market also witnessed lackluster trade, with the BSE MidCap and the SmallCap indices rising 0.2% and 0.1%, respectively.

The top gainers on the BSE Sensex pack were Reliance Industries , Tech Mahindra , Eternal (formerly known as Zomato) , HCL Technologies , and Infosys , rising up to 2%.

Reliance Industries (RIL), the country’s most valued stock, extended gains for the second straight session on robust Q4, helping Sensex to settle in positive terrain. Among others, shares of shipbuilding companies and defence companies witnessed strong buying amid healthy growth prospects in the backdrop of rising border tensions with Pakistan.

On the other hand, Sun Pharma , UltraTech Cement , Power Grid Corporation , NTPC , and Kotak Mahindra Bank were among top laggards, falling in the range of 1-2%.

Most sectors, except IT, witnessed profit booking, with pharma, metal, and energy among the top losers.

"The national market exhibited largely range-bound oscillation, as caution prevailed amid geopolitical concerns over border tensions. The sustained inflows from FIIs provided support to market sentiment and restricted further pessimism,” says Vinod Nair, Head of Research, Geojit Investments.

“Mixed Q4 results have raised the risk of downward revisions to FY26 projections. In combination with apprehensions surrounding potential retaliatory actions, these developments may lead to some consolidation in the near term,” he adds.

Ajit Mishra – SVP, Research, Religare Broking, says the index is witnessing rotational buying in heavyweight stocks from other sectors such as IT, energy, and auto, moving beyond banking and financials space. “This trend could support the index in maintaining its positive bias. Hence, any short-term pause or consolidation should be viewed as healthy. Participants are advised to continue with a “buy on dips” strategy, focusing on stock selection based on relative strength."

On the technical front, the benchmark indices Nifty and Sensex are consistently facing resistance near the 24,450 and 80500 levels, says Shrikant Chouhan, Head Equity Research, Kotak Securities. “A small bearish candle near this important resistance level indicates indecisiveness between the bulls and the bears.”

“We are of the view that, on the upside, 24,450/80500 would be the immediate breakout level for the bulls. Above this level, the market could rally towards 24,550-24,600/80800-81000. On the other hand, if the market falls below 24250/80000, selling pressure is likely to accelerate. Below this level, we could see a quick correction down to 24,150-24100/79700-79500,” he added.

Rupak De, Senior Technical Analyst at LKP Securities, says consolidation may continue in the short term, especially as the index has yet to give a decisive breakout above 24,550, where the 61.80% retracement level lies. On the lower end, support is placed at 24,250; a breach below this level could trigger increased selling pressure in the market, De said.

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