Benchmark indices were trading higher amid volatility during the afternoon on Tuesday.
Market opened on a muted note amid weak global cues and slumped further during the morning trade amid concerns over rising crude oil prices. Indices were trading in the green during the afternoon, supported by IT and oil and gas stocks, tracking gains in heavyweights such as Reliance.
At 1 pm, the BSE Sensex was trading at the day’s high of 57,540.48, up 247.99 points or 0.43 per cent. It recorded an intraday low of 56,930.30. The Nifty 50 was trading at 17,181.60, up 64 points or 0.37 per cent. It recorded an intraday high of 17,184.60 and a low of 17,006.30.
ONGC, Reliance, Tech Mahindra, IOC and TCS were the top gainers on the Nifty 50 while Nestle India, Hindustan Unilever, Britannia, Cipla and Mahindra & Mahindra were the top laggards.
Market is closely watching developments and looking for clarity on the Russia-Ukraine crisis and US Fed, as per analysts.
IT, oil and gas in focus
On the sectoral front, a majority of indices were in the red. IT, oil and gas, and metals managed to retain gains while FMCG, realty, auto, PSU bank and pharma dragged.
Nifty FMCG and Nifty Consumer Durables were down 1.40 and 1.51 per cent, respectively. Nifty Realty was down 1.85 per cent. Nifty PSU Bank was down 0.86 per cent. Nifty Auto and Nifty Pharma were down 0.54 per cent and 0.50 per cent, respectively.
Meanwhile, Nifty IT and Nifty Oil & Gas was up 1.44 per cent and 1.45 per cent, respectively. Nifty Metal was up 0.37 per cent.
Broader indices
Midcaps continued to face pressure in the broader market.
Nifty Midcap 50 was down 0.29 per cent while Nifty Smallcap 50 was up 0.33 per cent. The S&P BSE Midcap was down 0.49 per cent while the S&P BSE Smallcap was down 0.10 per cent.
The volatility index softened 1 per cent to 24.38.