Mumbai, Feb 4 || Indian equity markets closed almost flat on Wednesday, snapping a two-day rally, as a sharp fall in information technology (IT) stocks weighed on the benchmark indices.
Investor sentiment turned cautious after fresh concerns about advances in artificial intelligence (AI) hit global software stocks.
At the closing bell, the Nifty rose 48.45 points, or 0.19 per cent, to settle at 25,776.00. The Sensex gained 78.56 points, or 0.09 per cent, to end at 83,817.69.
Nifty traded in a tight range today, broadly between 25,680 and 25,820, indicating continued consolidation, according to experts.
“The index defended the 25,650–25,700 support zone, but faced supply near 25,800–25,850, where selling pressure capped the upside,” an analyst stated.
“A sustained breakout above this resistance could lead to further upside towards 26,000+,” an expert added.
The biggest drag on the market was the Nifty IT index, which plunged 6 per cent. The fall came after software stocks on Wall Street declined sharply.