Market recovers intraday losses amid hopes of progress in India-US trade talks

Stock market recovered intraday losses ending marginally lower on Monday with Nifty 50 closed above 25,200.

At close, the Sensex was down 173.77 points or 0.21% at 82,327.05, and the Nifty was down 58 points or 0.23% at 25,227.35.

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The market performance comes amid some easing in US-China trade rhetoric, and hopes of progress in India-US trade talks.

BSE Midcap index was down 0.2% and smallcap indices shed 0.4%.

Among the sectors, Nifty FMCG was down 0.90%, Consumer Durables down by 0.84%, and IT was down by 0.78%. Nifty Bank ended flat, while the Financial Services index rose 0.16%, Nifty PSU Bank and Private Bank indices rose 0.24% and 0.10%, respectively.

On Nifty, the shares of Adani Ports and Special Economic Zone was up 2.10%, Bajaj Auto up by 1.50%, and Bajaj Finance up 1.48% ended as the top gainers.

Further, those ending as the top losers were the shares of Tata Motors was down 2.20%, Infosys down by 1.49%, and Wipro was down by 1.43%.

Out of 4,459 stocks traded on the BSE, 1,668 advanced, while 2,624 declined. Some 167 stocks remained unchanged.

Shares of Tata Motors dropped over 2% closing at Rs 664 per share. Earlier during the day, the stock fell more than 3% to hit an intraday low of Rs 658.10 apiece.

Vodafone Idea Ltd (VIL) shares fell 2% after the Supreme Court deferred the telco’s plea against the government’s additional AGR demand to October 27.

Adani Ports and Special Economic Zone (APSEZ) stock emerged as the top Nifty gainer, rising 1.6 percent to Rs 1,432.40.

Markets remained cautious as renewed trade tensions between the US and China continued to unsettle investors.