Mumbai, May 18 (IANS) Indian equity benchmarks erased most of their intra-day losses to end marginally higher on Monday, aided by strong buying in information technology stocks even as investors continued to track developments in West Asia. 

The benchmark Nifty closed 6.45 points, or 0.03 per cent, higher at 23,649.95, while the Sensex gained 77.05 points, or 0.10 per cent, to settle at 75,315.04. Both indices had traded in negative territory for most of the session before recovering in late trade.

Commenting on Nifty technical outlook, market experts said that the 23,700 level now stands as an immediate resistance area, while a sustained breakout above this region could strengthen recovery mometum toward the broader 23,900–24,000 zone.

"On the downside, the 23,300 region continues to remain a strong base support area," an analyst stated.

Buying in heavyweight IT counters supported the rebound, with Tech Mahindra, Infosys and Bharti Airtel emerging as the top gainers on the Nifty index. The Nifty IT index surged more than 2 per cent, outperforming all other sectoral gauges.

Defensive sectors also witnessed buying interest, with the Nifty Pharma and Nifty Healthcare indices ending higher. Market participants preferred sectors seen as relatively resilient amid global uncertainty.

However, the broader market remained under pressure. The Nifty MidCap index slipped 0.15 per cent, while the Nifty SmallCap index declined 1.26 per cent.

Among laggards, the Nifty Consumer Durables and Nifty PSU Bank indices registered the sharpest losses during the session.

Market experts said that traders remained cautious amid concerns over geopolitical tensions in West Asia and their potential impact on global markets and crude oil prices.

"The current market environment continues to favour disciplined risk management over aggressive leverage, as volatility-driven swings are likely to remain elevated until global geopolitical uncertainty and crude oil concerns stabilise," an analyst mentioned.