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Benchmark indices were trading flat during the afternoon trade on Tuesday, having recoverd from the day's low. However, financials and oil & gas stocks remain under pressure.
The market opened on a weak note despite positive cues from the Asian markets. It extended losses further in the first half, led by Reliance Industries.
The BSE Sensex was trading at 60,633.19, down 85.52 points or 0.14 per cent. It hit an intra-day high of 60,802.79 and a low of 60,405.74. The Nifty 50 was trading at 18,089.60, down 19.85 or 0.11 per cent. It hit an intra-day high of 18,132.65 and a low of 18,023.95.
Amidst valuation concern, global cues are likely to drive Indian stocks too in the short term, experts said.
According to Gaurav Garg, Head of Research, Capitalvia Global Research, “Domestic sentiments impacted with surging inflation owing to spike in demand and supply chain. Traders have eyes on the virtual summit between Chinese President Xi and his US counterpart Biden with ease in trade as potential outcome.”
Maruti, Tata Motors, Hero Motocorp, Mahindra & Mahindra and Bajaj Finserv were the top gainers on the Nifty 50 while Shree Cement, NTPC, BPCL, State Bank of India and Reliance were the top laggards.
Auto in focus
On the sectoral front, auto, IT and realty stocks gained as financials, oil & gas and pharma stocks dragged.
Nifty Auto was up 2.41 per cent. Nifty Realty was up 0.89 per cent while Nifty IT was up 0.66 per cent.
Meanwhile, Nifty Bank and Nifty Financial Services were down 0.63 per cent and 0.41 per cent, respectively Nifty Private Bank was down 0.58 per cent while Nifty PSU Bank was down 0.78 per cent. Nifty Oil & Gas was down 0.67 per cent. Nifty Pharma was down 0.51 per cent.
Broader indices
Broader indices were in the green, outperforming the benchmarks.
Nifty Midcap 50 was up 0.27 per cent while Nifty Smallcap 50 was up 1.11 per cent. The S&P BSE Midcap was up 0.32 per cent while the S&P BSE Smallcap was up 0.69 per cent.
The volatility index softened 1.35 per cent to 15.26.
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