Markets close marginally lower on volatile trade
Mumbai: Benchmark equity indices Sensex and Nifty ended marginally lower in highly volatile trade on Tuesday as losses in IT and auto stocks were largely offset by gains in banking and oil shares amid mixed global trends.
The 30-share BSE Sensex ended 40.14 points or 0.07 per cent lower at 57,613.72 as 19 of its stocks declined and 11 advanced.
The index opened higher and further climbed 295.59 points or 0.51 per cent to touch a high of 57,949.45. It, however, failed to hold onto the gains and fell to a low of 57,494.91 later. The broader NSE Nifty closed lower by 34 points or 0.20 per cent to finish at 16,951.70 after gyrating between 17,061.75 and 16,913.75.
As many as 32 Nifty stocks declined, 17 advanced and one closed unchanged. Adani Entertainment, Adani Ports, Tech Mahindra, HeroMotoCorp and Tata Motors were among major Nifty losers.
Among the Sensex firms, Tech Mahindra, Tata Motors, Bharti Airtel, Wipro, Bajaj Finserv, HCL Technologies, Bajaj Finance, Larsen & Toubro, Mahindra & Mahindra and UltraTech Cement were the biggest laggards.
IndusInd Bank, Power Grid, HDFC Bank, ICICI Bank, NTPC, Reliance Industries, HDFC and Tata Steel were the prominent winners.
Nifty small and midcap stocks continued to underperform due to fall in investors risk appetite and FY23 tax harvesting, Nair added.
The 30-share BSE benchmark climbed 126.76 points or 0.22 per cent to finish at 57,653.86 on Monday. The Nifty advanced 40.65 points or 0.24 per cent to end at 16,985.70.
The rupee appreciated 15 paise to settle at 82.16 against the US dollar on Tuesday, tracking a weak American currency in the overseas
Meanwhile, global oil benchmark Brent crude climbed 0.50 per cent to $ 78.51 per barrel.