Stock Market Pares Early Losses: Sensex Rises Above 150 Points, Nifty Trades Around 17,400. Autos Gain

Stock update: On the 30-share Sensex platform, M&M, TechM, TCS, Tata Motors, Sun Pharma, Infosys were trading in the green. SBI, Reliance, Airtel, IndusInd Bank, Tata Steel, Axis Bank emerged losers

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices gained up to 0.3 per cent.

The two key equity benchmarks, Sensex and Nifty, which opened flat on Tuesday early morning trading, erased losses and turned positive tracking stable global cues amid volatility.

At 9.40 am, the BSE Sensex was up 159 points to 59,447. On the other hand, the NSE Nifty50 was trading at 17,434, up 42 points.

On the 30-share Sensex platform, M&M, TechM, TCS, Tata Motors, Sun Pharma, Infosys were trading in the green. On the flip side, SBI, Reliance, Airtel, IndusInd Bank, Tata Steel, Axis Bank emerged losers.

#ABPLiveStockMarketWatch | Sensex and Nifty opened flat on Tuesday amid volatility

At 10:00 AM, #Sensex tanked 44 points to 59,244 & #Nifty fell 14 points to open at 17,379

Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/LysHZXLEHj

— ABP LIVE (@abplive) February 28, 2023

Among individual stocks, Zee Entertainment jumped over 4 per cent after the NCLAT stayed NCLT order's of insolvency proceedings against the media company.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices gained up to 0.3 per cent.

Sectorwise, Nifty Auto, Nifty Media indices surged up to 0.8 per cent, while Nifty Pharma index declined up to 1 per cent.

In the previous session on Monday, the S&P BSE Sensex closed at 59,228, down 176 points. On the other hand, the NSE Nifty settled at 17,392, down 73 points.

Meanwhile, the rupee gained 11 paise to 82.68 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels. Forex traders said sustained foreign fund outflows weighed on the local unit and restricted the appreciation bias.

At the interbank foreign exchange, the domestic unit opened at 82.69 against the dollar and marginally rose to 82.68, registering a rise of 11 paise over its previous close amid a positive trend in domestic equities. On Monday, the rupee closed at 82.79 against the US currency.

Brent crude futures, the global oil benchmark, advanced 0.17 per cent to $82.59 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Monday as they offloaded shares worth Rs 2,022.52 crore, according to exchange data.