Stock market erases losses

Nifty ends at 22,200, Sensex rises 305 points

Stock market erases losses

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Stock market erased most of their recent losses to end higher on Tuesday amid buying seen in auto, capital goods, IT and realty.

Sensex was up 305.09 points or 0.42 pc at 73,095.22, and the Nifty was up 76.30 points or 0.34 pc at 22,198.30.

The domestic market rebounded from yesterday’s loss amidst volatility, despite weak global cues.


In a sector-wise analysis Auto, Capital Goods, Information Technology, Pharma, Realty up 0.5-1 pc each, while oil and gas index was down one per cent.

Nifty Realty emerged as the top performer as it gained over a percent led by Lodha, Sobha, Brigade Enterprises, DLF, and Godrej Properties. On the flipside, Nifty Media index was the top sectoral losers, followed by Nifty PSU Bank and Nifty Oil and Gas indices.

BSE Midcap and Smallcap indices ended marginally lower.

As many as 28 stocks settled in the green in the Nifty 50 index while the rest 22 ended in red.

Some of the key stocks on the up-side were: Tata Motors Ltd (up 2.73 pc), Tata Consultancy Services Ltd (up 2.49 pc), Power Grid Corporation of India Ltd (up 1.81 pc), IndusInd Bank Ltd (up 1.74 pc), and Sun Pharmaceutical Industries Ltd (up 1.45 pc).

On the down side were: Hero MotoCorp Ltd (down 1.69 pc), Bajaj Finance Ltd (down 1.32 pc), State Bank of India (down 1.24 pc), Bajaj Finserv Ltd (down 1.20 pc), and Divi’s Laboratories Ltd (down 1.04 pc).

A volume spike of over 2,500 pc was seen in Biocon, GMR Airports Infrastructure and Hindustan Copper. A long build-up was seen in ICICI Lombard General Insurance Company, Havells and Tata Motors, while a short build-up was seen in Shriram Finance, Vodafone Idea and NMDC.

The rupee traded slightly weaker by 0.02, closing at 82.90.

In a significant development, the Adani Green Energy is looking to raise $409 million via US dollar-denominated bonds with a door-to-door tenor of 18 years, the company said in a regulatory filing on Tuesday.

The issue would be subject to market conditions and the weighted average life of the bonds could be around 12.7 years, the company said.

The proceeds from the issue will be used to refinance the $500 million worth 6.25 pc senior secured notes due in 2024 which were issued on June. 10, 2019, the release added.

Ahead of the release of important US data, which included the US core personal consumption expenditures price index, the Federal Reserve’s preferred measure of inflation, Asian markets saw slight gains.

Hong Kong’s Hang Seng rose 0.94 pc to 16,790.80 and the Shanghai Composite up 1.29 pc at 3,015.48. Tokyo’s Nikkei 225 ended flat at 39,239.52. South Korea’s Kospi fell 0.83 to 2,625.05.