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The benchmark BSE index Sensex ended marginally lower, dragged down by losses in technology stocks, which offset gains in financial and auto shares as investors braced for key corporate results announcements later in the week.
The 30-share BSE index Sensex ended lower by 53.6 points or 0.19 per cent at 27,876.61, while the NSE index Nifty closed up by 0.55 point or 0.01 per cent at 8,626.25.
Among BSE sectoral indices, metal index gained the most by 3.34 per cent, power 0.66 per cent, infrastructure 0.54 per cent and PSU 0.47 per cent. On the other hand, IT index was down 1.19 per cent, consumer durables 1.1 per cent, TECk 1.06 per cent and healthcare 0.83 per cent.
Top five Sensex gainers were Tata Steel (+3.23%), HDFC (+2.59%), NTPC (+2.48%), Coal India (+1.18%) and PowerGrid (+1.14%), while the major losers were Axis Bank (-2.53%), TCS (-1.96%), Sun Pharma (-1.92%), Infosys (-1.36%) and Cipla (-1.09%).
“For consumer consumption, consumer durables and FMCG, good monsoon, discretionary spending going up and pay commission are good triggers that will continue to drive markets,” said Gaurang Shah, vice president, Geojit BNP Paribas Financial Services.
Meanwhile, the Nikkei India Manufacturing Purchasing Managers’ Index rose to a 22-month peak of 54.4 in October, indicating a sharp uptick in industrial activity.
Also, infrastructure sector recorded a growth rate of 5 per cent in September , the highest in three months on account of healthy performance by cement, steel and refinery products.
Global markets
European shares rose on Tuesday and were on track to snap a six-session losing streak with Shell providing the biggest boost to the index following forecast-beating results.
Stronger-than-expected factory growth in China helped Asian stocks erase early losses on Tuesday, but investors remained cautious as the acrimonious US presidential election campaign entered its final week.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, after earlier hitting its lowest level since September 19. October marked the first monthly loss for the index since May.
The market is also watching global cues, with the US Federal Reserve's meeting set to begin on Tuesday, which could provide clues on a December rate hike.
The Bank of Japan on Tuesday held off on expanding stimulus and maintained short-term interest rate target, while the Reserve Bank of Australia will issue its policy decision later in the day.
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