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Benchmark indices erased all gains to trade lower during the afternoon on Tuesday.
Market, after opening on a weak note tracking global cues, remained volatile in the first half. Benchmarks, after recording fresh highs on postive economic data and a decline in Covid-19 case numbers, erased all gains by afternoon, dragged by metals, financials and auto.
At 1 pm, the BSE Sensex which had recorded a fresh high of 55,688.50, was trading at 55,469.94, down 112.64 points or 0.20 per cent. It hit an intraday low of 55,386.49.
The Nifty 50 was trading at 16,510.80, down 52.25 points or 0.32 per cent. It recorded a fresh high of 16,591.40 and a day's low of 16,495.50.
Tech Mahindra, Tata Consumer, HCL Tech, Asian Paints and Titan were the top gainers on the Nifty 50 while Grasim, IndusInd Bank, Mahindra & Mahindra, Tata Motors and Axis Bank were the top laggards.
IT in focus, Metals lose shine
On the sectoral front, a majority of indices were trading in the red.
While IT, FMCG and healthcare stocks gained focus, metals, financials and auto dragged.
Nifty IT was up 1.68 per cent while Nifty Healthcare Index was up 1.22 per cent. Nifty FMCG was up 0.65 per cent.
Nifty Metal was down 2.45 per cent. Nifty Bank and Nifty Financial Services were down 1.16 per cent and 0.83 per cent, respectively. Nifty PSU Bank was down 2.40 per cent. Nifty Auto was down 1.16 per cent.
Broader indices
Selling pressure continued in midcap and smallcap stocks with broader indices trading lower.
Nifty Midcap 50 was down 1.12 per cent while Nifty Smallcap 50 was down 0.73 per cent. The S&P BSE Midcap was down 0.15 per cent while the S&P BSE Smallcap was down 0.18 per cent.
The volatilty index rose 0.13 per cent to 13.48.
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