The NSE Nifty 50 and BSE rose over 1% before paring gains from the day's highs on Tuesday. The indices were trading 0.88% and 0.87% higher, respectively as of 12:50 p.m.
Earlier in the day, the Nifty 50 and Sensex logged the highest intraday jump since March 5.
Intraday, Nifty 50 has risen 1.21% to the day's high of 22,781.40. The Sensex has gained 1.25% to the day's high of 75,094.30.
Here is a look at stocks that are contributing to changes in the indices.
Bajaj Finserv
Shares of Bajaj Finserv Ltd. slipped in trade after Allianz SE signed binding agreements to sell 26% of its stake in Bajaj Allianz General Insurance Co. and Bajaj Allianz Life Insurance Co. The sale will be to Bajaj Group for approximately 2.6 billion euros.
Bajaj Finserv stock fell as much as 1.85% during the day to Rs 1,837 apiece on the NSE.
Castrol India
Shares of Castrol India Ltd. were trading nearly 7% lower on Tuesday after the shares turned ex-dividend. The industrial lubricant manufacturer had declared a total dividend of Rs 13 per equity share.
Shares of Castrol India fell as much as 6.66% to Rs 220.30 apiece
IndusInd Bank
Moody's affirmed IndusInd Bank Ltd.'s ratings because the lender's core profitability, strong capital, and stable funding will likely mitigate near-term risks to standalone credit strength, according to the agency.
However, Moody's placed IndusInd's Ba1 Baseline Credit Assessment and adjusted BCA under review for downgrade, it said in a report on Monday. The review is taking into account the potential negative impact of the inadequate internal controls highlighted by the bank's accounting for derivative transactions.
IndusInd Bank's share price fell 1.39% to Rs 686.80 apiece.
Ola Electric Mobility
Shares of Ola Electric Mobility Ltd. had fallen nearly 8% on Monday to an all-time low before rising in trade on Tuesday. The counter was trading over 9% in the green and the share price was over Rs 50 again.
Ola Electric Mobility stock rose as much as 10.01% during the day to Rs 51.6 apiece.
Paytm
Shares of One97 Communications Ltd. rose after Paytm Money Ltd., a wholly owned subsidiary of the company, was granted a Certificate of Registration as a research analyst by the Securities and Exchange Board of India.
With this registration, Paytm Money can offer SEBI-compliant research services, including investment insights, research reports, and data-driven analysis.
Paytm stock rose as much as 2.32% during early trade to Rs 704.9 apiece on the NSE.
Varun Beverages
Varun Beverages Ltd.'s stock has fallen by 25% this year amid increasing competition in the beverage market, especially from Reliance’s Campa brand. However, Citi on Tuesday said this decline is "overdone" and sees it as an attractive investment with a favourable risk-reward ratio.
In Tuesday's session, Varun Beverages rose 5.67% to Rs 536.00 apiece.
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