Nifty auto index topped, rising over a per cent, whereas Nifty IT index was up by three-fourth a per cent. Media and FMCG also gained. 
Nifty auto index topped, rising over a per cent, whereas Nifty IT index was up by three-fourth a per cent. Media and FMCG also gained. Domestic equity indices could not sustain the early gains and settled flat at the end of session. Muted global cues and selling pressure in select heavyweights erased all the early gains amid the unexciting earnings from India Inc.
However, majority of the Asian markets remained close on Monday on the account of Lunar New Year. European markets were up during the early trading hours, whereas US stock future traded mildly lower.
For the day, BSE Sensex added 37.08 points or 0.06 per cent to 60,978.75, whereas NSE's Nifty50 Index settled almost unchanged at 18,118.30. BSE midcap and smallcap indices dropped about half a per cent each. Fear gauge India VIX spiked marginally to 13.65-level.
The Nifty had a gap up opening on Tuesday and crossed the swing high of 18,184 but couldn’t sustain in the higher territory. The hourly upper Bollinger Band has become flat & is keeping pressure on the higher side. As a result, the Nifty stayed back into the brief consolidation mode, said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.
"It is forming a base near the key hourly & the daily moving averages. On the daily chart, the index is forming higher top higher bottom & is expected to see upward trajectory. In the short term, the Nifty is expected to surpass the key hurdle zone of 18,260-18,300 & head towards 18,500. On the other hand, the level of 18,000 will provide cushion on the downside," he said.
On sectoral front, Nifty auto index topped, rising over a per cent, whereas Nifty IT index was up by three-fourth a per cent. Media and FMCG also gained. However, selling pressure in realty, banking, pharma and metals offset the gains in these sectors.
On the Nifty50 pack, Tata Motors and Maruti Suzuki soared 3 per cent each after the latter one's announced a 130 per cent rise in the net profit in the December 2023 quarter. Tata Motors will announce its earrings on Wednesday.
Among other gainers, Bajaj Auto and Britannia Industries gained 2 per cent each. HCL Technologies, HDFC Bank, Asian Paints, HDFC and IndusInd Bank up were a per cent by end of the session.
Axis Bank, Dr Reddy's, Hindalco, Power Grid, SBI Life Insurance, Grasim and JSW Steel dropped 2 per cent each for the day. Larsen & Toubro, Kotak Mahidnra Bank, Adani Ports, Tata Steel, State Bank of INida, Coal India and Divis Labs were down a per cent each.
Mirroring robust global peers, the domestic market extended previous gains driven by auto stocks. However, due to selling pressure in banking shares, the indices anchored close to the flatline, said Vinod Nair, Head of Research at Geojit Financial Services.
"Auto stocks were in focus prior to the earnings results of the sector major. Hopes of a soft landing of the US economy along with the anticipation of a lesser rate hike boosted global bourses," he said.
A total of 3,650 stocks that traded for the day on BSE, of which 1,534 settled lower, while 1,970 settled higher. Remaining 146 stocks ended unchanged. A total 11 stocks hit an upper circuit on BSE, whereas only three stocks hit the lower circuit during the trading session.
In the broader markets, Gravita India, SVP Global, Nykaa and Route Mobiles jumped 8 per cent each. Exxaro Tiles, PG Electroplas, Happiest Minds Technologies, Westlife Foodworld and Sonata Software advanced 5-7 per cent each on Tuesday.
Route Mobile's share rallied more than 12 per cent on Tuesday after the company reported a strong performance in the December 2022 quarter. Welspun Corp rose 4 per cent on Tuesday after an associate firm won contracts worth SAR 569 million in Saudi Arabia. Welspun Corp stock touched an intraday high of Rs 234.
Other losers included, Indoco Remedies plunged 11 per cent, whereas South Indina Bank plunged 9 per cent. Khaitam Chemicals, Kalpataru Power, Sportking, Manaksia and DB Realty, Kuantum Papers and Honda India Power dropped 5-7 per cent each.
Gland Pharma's share hit record lows on Tuesday, dropping as much as 5 per cent, after the company's performance in the December 2022 quarter. Similarly, SBI Cards and Payment Services slipped over 4 per cent in the afternoon session today after the December quarter earnings of the firm missed estimates of street.
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