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The Indian stock market closed on a muted note on Tuesday after range-bound trading during the session.  

At closing, Sensex was up 1.59 points at 81,510.05, and Nifty was down 8.95 points at 24,610.05.

Meanwhile, the broader market closed on a positive note. On the Bombay Stock Exchange (BSE), 2,025 stocks closed in the green, 1,938 stocks settled in the red, and 130 without change.

During the session, midcap and smallcap stocks outperformed largecap. Nifty midcap 100 index was up 136.65 points, or 0.23 per cent, at 59,135, and Nifty smallcap 100 index was up 54.60 points, or 0.28 per cent, at 19,583.

Among the sectoral indices, IT, PSU Bank, FMCG, metal, realty, and pvt bank were major gainers. Auto, pharma, media, energy, and infra were major laggards.

A market expert said: "Upcoming inflation data from the US and India are critical for insights into potential future rate cuts. India's CPI will serve as a key indicator of underlying earnings growth, which has been downgraded in H1FY25."

"Overall, investor sentiment remained cautious amid ongoing economic uncertainties and sector-specific challenges," the expert added.

Bajaj Finserv, HCL Tech, SBI, Infosys, Bajaj Finance, ICICI Bank, Kotak Mahindra Bank, M&M, Titan, Tata Steel, Tata Motors, Asian Paints, and IndusInd Bank were the top gainers. Bharti Airtel, Tech Mahindra, Reliance, Axis Bank, Maruti, Nestle India, L&T, and UltraTech Cement were the top losers.

 LKP Securities' Senior Technical Analyst Rupak De said: "The Nifty experienced another lacklustre trading session, remaining confined within the range of 24,500 to 24,650. The sentiment is likely to stay sideways in the near term unless the index makes a decisive move beyond this range."

"A break below 24,470 could trigger a correction of 200 to 250 points, while resistance is seen at 24,700 to 24,750," he added.