The Indian market ended flat in Tuesday’s trade as investors struggled to find direction amidst mixed global cues and uncertain economic indicators. Despite some stocks experiencing minor gains, overall market sentiment remained cautious, with traders weighing potential impacts from upcoming economic data and corporate earnings reports.

The Nifty 50 closed the session down by 0.05%, settling at 25,796 points, while the Sensex ended with a slight decline of 0.04% at 84,262 points. In contrast, mid- and small-cap indices outperformed their large-cap counterparts, with the Nifty Midcap 100 index rising by 0.30% and the Nifty Small Cap index posting a gain of 0.80%.

In today’s session, 22 out of the 50 Nifty constituents finished in the positive territory. Tech Mahindra led the rally with a 3% gain, followed by M&M and Britannia Industries, which rose by 2.3% and 1.9%, respectively.

Other top gainers included Adani Enterprises , Infosys, Coal India, Kotak Mahindra Bank, Adani Ports & Special Economic Zone, State Bank of India, HCL Tech, Wipro , and Hero MotoCorp, all closing with gains exceeding 1%.

Among the sectoral indices, Nifty Media topped the charts with a 1.52% gain, followed by Nifty IT, Nifty Metal, and Nifty Auto, which recorded gains of 1.17%, 0.25%, and 0.2%, respectively.

Positive commentary from Jerome Powell boosts IT stocks

IT stocks closed higher in today’s trading session, with the Nifty IT index ending at 42,434 points—up 1.17% from the previous close. This increase followed remarks from Federal Reserve Chair Jerome Powell, who indicated that the central bank may implement further rate cuts, though it is not bound by a preset course of action.

Powell clarified that the 50 basis point cut made in September should not be interpreted as a signal for aggressive future moves, emphasizing that the Fed will make decisions based on a meeting-by-meeting evaluation of data and the prevailing balance of risks.

Among the index constituents, three stocks ended in positive territory, with Tech Mahindra leading the way, gaining 3%. This uptick was also influenced by an upgrade from CLSA, which raised its rating on the stock to ‘outperform’ from ‘hold.’ The global brokerage firm has increased its target price for Tech Mahindra to ₹1,749 per share, up from the previous target of ₹1,626.

In addition, Japanese brokerage firm Nomura has adjusted its target price for the stock to ₹1,900 per share from ₹1,600 while maintaining a ‘buy’ rating.

Paytm shares hit an 8-month high

The remarkable recovery of Paytm shares continued today, with a nearly 7% gain that propelled the stock to an 8-month high of ₹745 per share. This surge follows a target price increase from domestic brokerage firm Dolat Capital, which raised its estimate to ₹920 while maintaining a ‘buy’ rating on the stock.

It highlighted several key developments over the past three months that indicate easing challenges and improving prospects across various business segments. The brokerage believes that Paytm is on track to achieve adjusted EBITDA breakeven by Q4 FY25 (excluding UPI incentives), with positive cash flow anticipated in the near future.