The capital market witnessed wild swing after a firm opening on Tuesday. The benchmark Sensex opened firm at 19,452 against the previous close of 19,380 following a firm trend in other Asian markets.
Suddenly during the mid-session, it plunged to the day’s low of 19,265 following the US setting in motion for the first Government shutdown in 17 years.
US budget standoff
The Senate and White House failed to break a bitter budget standoff over President Barack Obama's healthcare law.
However, the market reversed the trend on value-buying by few investors and expectations that some of the corporates may post a better-than-expected results in the September quarter.
The Sensex hit the day’s high of 19,532 and ended with a gain of 137 points at 19,517. The Nifty was up 45 points at 5,780.
Foreign institutional investors sold shares worth Rs 519.64 crore, while domestic institutional investors were net buyers worth Rs 89.76 crore on Monday, as per the provisional data from the National Stock Exchange.
On Tuesday, Reliance Infrastructure rose 1.12 per cent to Rs 375.45 on bargain hunting after the stock fell 10 per cent in the preceding six trading sessions. On September 20, the company hit a high of Rs 410.
Most automobile companies including M&M, TVS Motor Company, Maruti Suzuki and Tata Motors gained on expectations of better sales in September.
Hindustan Unilever, a consumer goods company, dipped one per cent to Rs after its parent company warned that the slowdown in its emerging markets accelerated in the September quarter.
Major gainers for the day include Tata Comm (8%), Amara Raja (7%), Jain Irrigation (7%), DLF (7%), Ranbaxy Labs (6%), Bank of India (5%), Essar Oil (5%), TV18 Broadcast (5%), Exide Inds (4%) and Indian Overseas Bank (4%).
Major losers were Wockhardt (-5%), Tata Power (-4%), Castrol India (-3%), Container Corp (-3%), Sesa Goa (-3%), NTPC (-3%), Prestige Estates (-3%), Gujarat State Petroleum (-3%) and Piramal Entertainment (-2%).