Market erases intraday gains but manages to close on positive note

The stock market on Tuesday erased some of the intraday gains but managed to close on a positive note. Nifty closed above the 25,100 amid buying seen in the auto, consumer durables, oil & gas, energy, and realty names.

At close, the Sensex was up 136.63 points or 0.17% at 81,926.75, and the Nifty was up 30.65 points or 0.12% at 25,108.30. The BSE Midcap index added 0.4% and the smallcap index ended marginally lower.

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Among the sectors, those with significant losses were Nifty FMCG down by 0.53%, Media down by 0.46%, and PSU Bank down by 0.41%. On the contrary, those with gains were Nifty Realty up by 1.09%, Oil & Gas up by 0.49%, and Pharma up by 0.44%, Nifty Bank and Financial Services rose by 0.24% each.

On Nifty, the top gainers were Jio Financial Services up by 1.42%, Bharti Airtel up by 1.35%, and HCL Technologies up by 1.26%. The top losers were Tata Motors, down by 2.04%, Axis Bank, down by 2.04%, and Trent, down by 1.93%.

Out of 4,322 stocks traded on the BSE, 1,843 advanced, while 2,320 declined. Some 159 stocks remained unchanged.

The Nifty Bank index recorded gains, extending its winning streak to the sixth session.

Federal Bank remained the top gainer, rising over 3% followed by IndusInd Bank, IDFC First Bank, HDFC Bank, ICICI Bank and Canara Bank, gaining around 1% each.

Shares of Punjab National Bank (PNB) and AU Small Finance Bank traded in red with marginal losses, while State Bank of India (SBI) and Kotak Mahindra Bank shares dropped over 1% each, while Bank of Baroda shares dropped around 2%.

Axis Bank shares emerged as one of the top losers on the market after falling more than 2%.

Around 150 stocks touched their 52-week high on the BSE. These included Nykaa, UNO Minda, Schaeffler India, Hero MotoCorp, Aster DM Health, HPCL, Canara Bank, AB Capital, Muthoot Finance, NLC India, Hindustan Copper, among others.

Vodafone Idea’s share price also jumped over 8% after reports said the Central government may offer a one-time settlement for the telecom company’s long-pending dues.

The domestic market ended higher, but gains were capped due to some profit booking ahead of the start of the Q2 earnings season.