Benchmark indices came off the day’s high in Tuesday afternoon trades, but were still ruling in the green.

The market had recorded gains in early trade as bank stocks were resilient ahead of the Supreme Court verdict on the loan moratorium issue.

After peaking at 50,227 intra-day, the BSE Sensex dipped to a low of 49,661.92 and currently (1 pm) was ruling at 49,894.85, up 123.56 points or 0.25 per cent, over the previous day’s close.

Nifty 50 was at 14,777.35, up 40.95 points or 0.28 per cent. It hit an intraday high of 14,867.75 and an intra-day low of 14,707.

The Sensex had opened at 49,876.21 against the previous close of 49,771.29. Nifty 50 had opened at 14,768.55 against the previous close of 14,736.40.

Gaurav Garg, Head of Research at CapitalVia Global Research, said, “The market opened on a flatter note and showed some positivity initially, but since then the market has been volatile in a trading range between 147,00-14,850. On the global front, Asian markets were trading mostly in the red as concerns persisted about a recent surge in global bond yields and the prospects of a global economic recovery.”

Adani Ports, Shree Cement, Tata Motors, Divi’s Laboratories and Titan were the top gainers on the Nifty 50, while Hindalco, Powergrid, ITC, ONGC and NTPC were the top laggards.

The shares of Adani Ports were up 2.23 per cent at ₹738 after the company announced that it had acquired a controlling stake in Gangavaram Port Ltd by purchasing the 58.1 per cent stake from promoters Raju and family for ₹3,604 crore.

Bank stocks turn volatile, but up

Among the sectoral indices, all except Nifty FMCG, Nifty Metal and Nifty Media were trading in the green. Nifty PSU Bank recorded the highest gains at 2.02 per cent.

“The Supreme Court has pronounced its judgment on the moratorium and asked the banks to refund all the amount that has been collected in the period regardless of the loan amount. This is negative news for the banking sector as a lot of collected money needs to be refunded,” said Garg.

Nifty Bank, slipped but still was up 0.77 per cent, while Nifty Private Bank was up 0.74 per cent.

Broader indices outperform

The broader indices were all trading in the green, as smaller indices outperformed the benchmark indices.

Nifty Midcap 50 was up 0.74 per cent, while Nifty Smallcap 50 gained 0.27 per cent. The S&P BSE Midcap was up 0.87 per cent, while the S&P BSE Smallcap was up 0.64 per cent.