Consumer durables and information technology shares fell on Wednesday and the stock market ended on a flat note. Sensex dropped 35 points to 58,817 and Nifty gained 9 points to 17,534.
18 of 30 Sensex stocks ended in the red. Mid-cap and small-cap indices on the BSE lost 31 points and 27 points.
Capital goods and metal stocks were the top sectoral gainers with their BSE indices moving 391 points and 347 points, respectively.
IT and consumer durables share prices were the top sectoral losers, with their BSE indices falling 295 pts and 230 pts, respectively.
Market breadth was negative with 1,530 stocks ending higher against 1,874 stocks falling on the BSE. The shares of 120 were the same.
Here's a look at what analysts said about the direction the market is going to take today.
Nifty 50 is showing bullish momentum after recent consolidation and this momentum may continue to 17,800 levels in the short term. There is a chance that 17,200 will be immediate support in Nifty 50. The immediate support and resistance for the Bank Nifty are 37,700 and 38,750. After a rise, the Nifty has formed a hanging man pattern, suggesting a possible halt to the upmove. The US CPI numbers could have an impact on global markets. Nifty could remain in the near term, in the 17,399 -- 17,600 band. The support has shifted to 17,450 from 17,350. As long as the Nifty is above 17,450, the uptrend formation is likely to continue and the index could move up to 17,600 -- 17,650. The uptrend would be vulnerable if it falls below 17,450 and could retest the level of 17,350 -- 17,300. The important moving averages are comfortably below the current index value, confirming the uptrend. The trend may remain bullish over the short term as long as it stays above 17,350. The rally towards 17,750 -- 17,800 is likely to attract selling pressure at higher levels.