Nifty, Sensex End Mixed As Tata Steel, Coal India Rise; ICICI Bank Drags: Market Wrap
The NSE Nifty 50 closed 0.12% higher at 22,529.05, and the S&P BSE Sensex ended 0.071% lower at 73,953.31.
Indian benchmark indices ended on a mixed note on Tuesday as Tata Steel Ltd. and Hindalco Industries Ltd. rose, while ICICI Bank Ltd. and HDFC Bank Ltd. declined.
The NSE Nifty 50 closed 27.05 points, or 0.12%, higher at 22,529.05, and the S&P BSE Sensex ended 52.62 points, or 0.071%, lower at 73,953.31.
Markets struggled to find direction as India moved closer to the election results day, when investors will gain insight about the country's political stability for the coming years.
Intraday, the NSE Nifty 50 fell 0.43% to 22,404.55, and the S&P BSE Sensex declined 0.33% to 73,762.37.
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"Diverging from their strong global counterparts, Indian equities commenced the week on a tepid note, but a strong rally in the energy and metal counters not only helped the index to recuperate its losses but compounded its gains as well to end the session at 22,529.05, with gains of 27.05 points," said Aditya Gaggar, director, Progressive Shares.
In addition to metal and energy, the PSU bank segment outperformed, while FMCG was the major laggard. A mixed activity was observed in the broader markets, where mid caps marginally outperformed while small caps ended the day in red, Gaggar said.
The index has formed a bullish engulfing candle on the daily chart, which indicates the presence of buyers at the lower levels. "Once the index breaches the level of 22,600, we can expect a retest of its previous high of 22,790, while the downside seems to be protected at 22,400," he said.
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Tata Steel Ltd., Coal India Ltd., Hindalco Industries Ltd., Power Grid Corp., and State Bank of India added to the index.
ICICI Bank Ltd., HDFC Bank Ltd., Larsen & Toubro Ltd., Infosys Ltd., and Tata Consultancy Services Ltd. weighed on the benchmark.
On the NSE, six sectors advanced and six declined out of 12. The NSE Nifty Bank was the top loser, and the NSE Nifty Metal was the top-performing index.
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Broader markets ended on a mixed note. The S&P BSE Midcap ended 0.34% higher, and the S&P BSE Smallcap settled 0.18% lower.
On BSE, 13 sectors advanced and seven declined out of 20. The S&P BSE Metal index jumped over 4% to become the best-performing sectoral index on Tuesday. Meanwhile, the S&P BSE FMCG sector declined the most.
Market breadth was skewed in favour of sellers. Around 2,311 stocks declined, 1,622 stocks rose, and 154 stocks remained unchanged on the BSE.
