The Indian stock market ended on a flat-to-negative note on Thursday, weighed down by selling in banking, healthcare and telecom stocks.
A largely negative trend in the global markets also reflected on the domestic indices, analysts said.
However, healthy buying in metal, capital goods and industrial stocks capped the losses.
Rahul Sharma, Research Head at Equity99 Advisors, said: “Private sector banks and pharma stocks continued to reel under selling pressure, while select mid-cap and small-cap have started witnessing retail interest.”
With June 2020 corporate earnings nearing its end, he said that a lot of reshuffling in the portfolio is expected in the next few weeks.
“Overall, action in the market has shifted to mid-cap stocks as retail investors continue to chase value-buying at different levels,” Sharma said.
Manish Hathiramani, the technical analyst with Deen Dayal Investments, said that the trend so far continues to remain bullish and the market is “taking its own time to move up”.
“The bias, for now, continues to remain on the upside and we could target 11,450-11,500 as the target. The support of the Nifty is at 11,100-11,150,” he said.
The Nifty50 on the National Stock Exchange closed at 11,300.45, lower by 7.95 points, or 0.07 per cent, from its previous close of 11,308.40.
The BSE Sensex closed at 38,310.49, lower by 59.14 points, or 0.15 per cent, from its previous close of 38,369.63.
It had opened at 38,456.64 and touched an intra-day high of 38,516.85 and a low of 38,215.05.