The benchmark indices on the BSE and National Stock Exchange (NSE) erased their day’s gains and ended slightly lower on Tuesday weighed by information technology (IT) and pharmaceutical stocks.
The S&P BSE Sensex slipped 63.29 points (0.21 per cent) to end at 30,609.30, while the broader Nifty 50 settled at 9,029.05, down 10.20 points (0.11 per cent). Both the indices had opened over 1 per cent higher earlier in the day and remained positive throughout most part of the day before dipping in the last two hours of trade.
The markets were shut on Monday on account of Id-Ul-Fitr.
On the Sensex, gains on Tuesday were led by Titan Company, Ultratech Cement, IndusInd Bank, Nestle India, ITC and NTPC. On the other hand, Bharti Airtel, Tata Consultancy Services (TCS), Bajaj Finance, Sun Pharmaceutical Industries, Tech Mahindra and Infosys were the top drags. (see heatmap below)
Most of the sectoral indices on NSE ended higher on Tuesday. The Nifty Metal index climbed 2.68 per cent led by gains in the shares of Jindal Steel & Power and JSW Steel. The Nifty Auto index too rose 1.51 per cent driven by Motherson Sumi Systems and Eicher Motors.
On the other hand, however, the Nifty IT index slipped 1.93 per cent weighed by TCS and Tata Elxsi. The Nifty Pharma index also slipped 1.22 per cent dragged by Piramal Enterprises and Cadila Healthcare.
Here’s how the sectoral indices performed:
In the broader market, S&P BSE MidCap closed at 11,406.58, up 136.56 points (1.21 per cent), while the S&P BSE SmallCap index ended at 10,590.42, up 66.19 points (0.63 per cent).
“After opening up by more than 1 per cent, benchmark indices pared gains to close flat, with a negative bias. However, global market cues were positive, on the back of additional stimulus measures and slow reopening of economies globally. The unabated rise of infections continues in India, which throws up further uncertainties with regards to extension of lockdown measures. Globally, commodity markets were strong and the metal index outperformed in today’s trade. This was driven partly due to measures announced to support the Chinese economy, which accounts for a major portion of the global demand for metals,” Vinod Nair, Head of Research at Geojit Financial Services said in a statement post market hours.
The rupee appreciated 29 paise to close at 75.66 against the US dollar on Tuesday tracking weakness in the American currency, while easing of COVID-19 lockdown measures fuelled growth optimism, news agency PTI reported.
At the interbank foreign exchange, the rupee opened at 75.69, then gained ground and finally settled for the day at 75.66, registering a rise of 29 paise over its previous close. On Friday, rupee had settled at 75.95 against the US dollar.
Forex market was closed on Monday for Id-Ul-Fitr. During the trading session, the rupee witnessed an intra-day high of 75.62 and a low of 75.74.
World shares forged ahead on Tuesday and commodity markets drove higher as well, as investors disregarded Sino-US tensions to focus on more stimulus in China and a re-opening world economy.
Britain’s FTSE and Japan’s Nikkei led their regions with 2.2 per cent gains, while US S&P 500 futures cleared the 3,000 level for the first time since early March,
when the economic impact of the coronavirus was just becoming clear.
Europe’s early spurt saw the STOXX 600 score a near 11-week high.
MSCI’s broadest index of Asia-Pacific shares outside Japan had advanced 1.7 per cent overnight.
South Korea closed up 1.75 per cent and Chinese blue chips ended 1.1 per cent higher after the country’s central bank said it would strengthen economic policy and continue to push to lower interest rates on loans.
– with global market inputs from Reuters
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