Nifty closes flat; broader indices outperform

The benchmark Nifty witnessed consolidation throughout the session, after seeing Monday's 78 points rally. The index hovered around its previous closing value. However, the broader indices continued to outperform the benchmark indices today as well.

Technical Analyst, Ashwani Gujral said the markets could be range bound for a few days while midcaps, smallcaps kept doing their catching up. "Overall there is no problem, it could head higher towards 5,550." he has said. 

Dipan Mehta, Member of BSE & NSE also says, for the time being this market is in a bit of flux and inaction seems to be best choice at this point of time. "In the immediate short term it does look like there could be a breakout which could take the Nifty to again new highs maybe about 5,500 levels and Sensex beyond 18,000 more like 18,300-18,500."

Realty, FMCG, metal, select capital goods and power companies' shares along with ICICI Bank and HDFC witnessed buying interest. However, pharma, technology, auto and select oil & gas companies' shares along with SBI, HDFC Bank and Hindalco were the losers in trade.

The 30-share BSE Sensex closed 17,941.37, up 5.69 points while while the 50-share NSE Nifty fell just 2.4 points to settle at 5,366. However, the BSE Midcap Index was up 0.7% and Smallcap up 0.5%,

At 15:01 hours IST - the 30-share BSE Sensex was flat in trade. ONGC, Wipro, Infosys, TCS, HDFC Bank, M&M, SBI, Maruti, Tata Motors and Bharti were the negative contributors.