Stock Market Update: Sensex Turns Choppy After Gains. Maruti, Asian Paints Among Top Gainers

The benchmark indices were seen extending their rally amid a sharp fall in crude oil prices from their record highs.

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New Delhi: The markets continued with the momentum on Tuesday as the 30-share Sensex gained 200 points to touch 56,660 while the Nifty climbed 50 points to remain at 16,918 levels.

The markets turned choppy after early gains as investors closely watch the inflation data released on Monday.

Asian Paints, M&M, Maruti, Ultractech Cement, Axis Bank, L&T, ICICI Bank, HDFC Bank and SBI were the top-performing stocks in Sensex.  The underperforming stocks on the bourses include Tata Steel, Reliance, Infosys, Kotak Bank, NTPC, Tech M, ONGC, Hindalco, JSW Steel, Indian Oil and Coal India. 

The benchmark indices were seen extending their rally amid a sharp fall in crude oil prices from their record highs.

The NSE Nifty 50 index closed 240.85 points higher at 16,871.30, while the benchmark S&P BSE Sensex gained 1.68 per cent or 935.72 points to end at 56,486.02 on Monday.

Retail inflation, which is measured by the Consumer Price Index (CPI), rose to 6.07 per cent in February mainly due to an uptick in food prices, according to government data.

On the other hand, wholesale price-based inflation (WPI) has also accelerated to 13.11 per cent in February, compared to 12.96 per cent in the previous month and was largely driven by higher fuel prices.

The crude prices remained calm at a price for the past few sessions as investors continue to monitor peace talks between Russia and Ukraine. The fall in crude prices have kept the inflation fears in check. However, the monetary policy committee of the US Federal Reserve will hold its two-day meeting on Tuesday today to decide on the policy rate.

Meanwhile Asian stocks were down on Tuesday as surging Covid-19 cases in China hit the confidence of investors who are already worried about the Ukraine war and the first US interest rate rise in three years, which could come this week, according to news agency Reuters.

In US, major stock indexes closed mostly lower on Monday, led by a more than 2 per cent drop in Nasdaq. The Dow ended flat, with financial and healthcare shares giving the index some support.

Globally, gold prices fell on Tuesday to their lowest in more than a week, as US Treasury yields surged ahead of an expected rate hike from the Federal Reserve.