Stock Market: Sensex Pares Early Gains, Turns Flat. Nifty Trades Below 18,000

On the 30-share Sensex pack, Tata Motors, Tata Steel, Titan, PowerGrid, Bajaj Finance, and others emerged winners, while ITC, M&M, Bajaj Finserv, Airtel, TCS, HDFC Bank, and others were the losers

In the broader markets, Nifty SmallCap 100 and Nifty MidCap 100 indices rose up to 1 per cent.

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Sensex and Nifty, the two key equity benchmarks that opened higher amid strong buying sentiments, erased gains and turned negative during early trade on Tuesday.  

At 9.45 am, the BSE Sensex was down by 112 points to 60,453, while the broader NSE Nifty was trading at 17978, down 36 points. However, the Nifty50 climbed over 50 points to trade above 18,050 levels, whereas the S&P BSE Sensex advanced over 250 points to trade at 60,852 levels in the opening trade.

On the 30-share Sensex pack, Tata Motors, Tata Steel, Titan, PowerGrid, Bajaj Finance, and others emerged winners. On the flip side, ITC, M&M, Bajaj Finserv, Airtel, TCS, HDFC Bank, and others were the losers.

The overall breadth of the 30-share Sensex platform stood negative as 12 scrips were advancing while 18 were declining.

In the broader markets, Nifty SmallCap 100 and Nifty MidCap 100 indices rose up to 1 per cent.

 All sectors started trade on a positive note, with Nifty Media, Nifty Metal, and Nifty PSU Bank indices gaining up to 1 per cent.

 Among individual stocks, shares of NTPC gained over 1 per cent after the company inked pact with Italy-based Maire Technimont Group’s Indian subsidiary to evaluate green methanol production facility in India.

Besides, shares of Suven Pharma surged over 1 per cent after global private equity giant Advent International bought 50.1 per cent stake in the company for Rs 6,313 crore.

In the previous session on Monday, the BSE benchmark closed 721 points higher at 60,566. On the other hand, the NSE Nifty 50 settled with a gain of 208 points 18,014.

Meanwhile, the rupee declined 9 paise to 82.74 against the US dollar in early trade on Tuesday as rising crude prices weighed on investor sentiment. Besides, foreign fund outflows put pressure on the domestic unit, forex dealers said.

At the interbank foreign exchange, the domestic unit opened weak at 82.71 against the dollar, then slipped further to 82.74, registering a fall of 9 paise over its previous close. In the previous session on Monday, the rupee appreciated 17 paise to close at 82.65 against the US dollar.

Brent crude futures, the global oil benchmark, advanced 0.45 per cent to $84.30 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in capital markets on Monday as they sold shares worth Rs 497.65 crore, according to exchange data.