Stock Market Pares Gains: Sensex Dips 50 Points, Nifty Holds 17,700 Amid Volatility

Stock update: Nestle was the main loser, down 2.09 per cent, followed by Kotak Bank, HUL, Axis Bank, Bajaj twins and others on the Sensex platform

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 edged lowered over 0.3 per cent.

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Sensex and Nifty, the two key equity benchmarks, on Tuesday turned volatile amid mixed global cues. The domestic indices, which began trade on a positive note with the BSE Sensex climbing over 60,000-mark in early trade, erased gains and settled in the red.

At 10.30 am, the BSE Sensex declined 50 points to 59,781. On similar lines, the broader NSE Nifty was trading at 17,719, down 11 points.

On the 30-share Sensex platform, Nestle was the main loser, down 2.09 per cent, followed by Kotak Bank, HUL, Axis Bank, Bajaj twins and others. On the flip side, TechM was the prime gainer. The others were Maruti, Dr Reddy's, ICICI Bank, UltraTech Cement, Tata Steel, Mahindra & Mahindra, Tech Mahindra and Larsen & Toubro were among the major winners.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 edged lowered over 0.3 per cent.

All sectors traded on a volatile note. Nifty IT, Nifty Metal, and Nifty Auto indices, however, led the charge as they surged up to 0.4 per cent.

Among individual stocks, shares of Reliance Industries gained over 0.4 per cent after the conglomerate posted flat net profit at Rs 13,656 crore in Q2FY23.

The overall mood of the market was negative as out of the 30-share Sensex pack, 14 scrips were advancing, while 16 were declining.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading in the green. Wall Street had ended higher on Monday.

In a special one-hour Muhurat trading session on Monday to mark the beginning of Hindu Samvat year 2079, the BSE benchmark jumped 524 points (0.88 per cent) to end at 59,831. The Nifty advanced 154.45 points (0.88 per cent) to finish at 17,730.

International oil benchmark Brent crude was trading 0.25 per cent higher at $93.49 per barrel.

Foreign Institutional Investors (FIIs) offloaded shares worth Rs 153.89 crore on Monday, as per exchange data.

Meanwhile, the rupee appreciated 26 paise to 82.62 against the US dollar in early trade on Tuesday tracking a positive trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 82.71 against the dollar, then gained some ground to quote at 82.62, a gain of 26 paise over its previous close.

In the previous session on Friday, the rupee slipped 9 paise to close at 82.88 against the dollar.