Closing Bell: Market Ends Flat Amid Mixed Trends, Midcap Stocks Outperform, RIL, Bharti Airtel Drag

The Indian stock market wrapped up a rangebound trading session on Tuesday, December 10, with the benchmark indices ending flat despite an early tug-of-war between gains and losses. Broader markets, including the midcap and smallcap indices, displayed relative strength, outperforming the Sensex and Nifty 50.

The Sensex closed marginally higher by 2 points at 81,510, while the Nifty 50 slipped 9 points to end at 24,610. Meanwhile, the BSE Midcap index rose 137 points (0.30%) to 59,135, and the Nifty Bank index gained 170 points (0.32%) to close at 53,578, snapping its two-day losing streak.

The session saw selective heavyweights driving market momentum, with Infosys, ICICI Bank, and SBI emerging as top contributors to gains. However, selling pressure in Reliance Industries, Bharti Airtel, and Larsen & Toubro (L&T) weighed on the indices, keeping broader gains in check.

Among the Nifty 50 constituents, 27 stocks closed in the red, reflecting a neutral market breadth with an advance-decline ratio of 1:1.

Despite the flat close in benchmark indices, most sectoral indices ended in positive territory, showcasing the underlying strength of the market. The IT index climbed nearly 1%, driven by gains in key stocks like HCL Technologies, Infosys, and Wipro, each rising over 1%. The Nifty Bank index ended with gains of 0.32%, supported by strong performances from PNB, SBI, Kotak Mahindra Bank, and ICICI Bank.

Shriram Finance continued buying interest and pushed the stock higher, making it the top gainer on the Nifty 50. Bajaj Finserv rose nearly 2% after the company set an ambitious target of achieving Rs 20,000 crore in net profit by FY29. HCL Technologies gained over 1% buoyed by strong demand for IT services.

Bharti Airtel ended as the top loser on concerns over valuation. Dr Reddy's Laboratories stock was dragged lower due to profit booking. Weak sentiment across the Adani Group stocks, except for Ambuja Cements, led to losses, with Adani Green Energy falling more than 3%.

Greaves Cotton shares soared nearly 20% after ace investor Vijay Kedia purchased a stake worth Rs 25 crore. Raymond surged over 10% on healthy trading volumes. Nippon Life rallied 9% on a positive brokerage note. Religare Enterprises rose 4% after the RBI approved the Burman family's proposal to increase its stake in the company.

Syngene International gained 2% after a 2% equity change of hands fueled buying interest. Glenmark Pharma shares climbed 2% following a positive response rate for its blood cancer drug. LIC's Weak premium data for November led to a 3% drop in the insurer's stock. Swiggy saw profit booking and fell 4% from its recent highs after a strong rally.

Despite the lacklustre close in benchmarks, the broader market's outperformance reflects underlying strength. With midcap and smallcap indices rising by 0.30% and 0.33%, respectively.

The mixed trends in sectoral indices and stock-specific moves indicate a stock-pickers' market. Optimism in sectors like IT and realty contrasted with weakness in select heavyweight stocks like Reliance Industries and Bharti Airtel.