Stock Market Today: Nifty, Sensex End Mixed As Tata Steel, Coal India Rise; ICICI Bank Drag

Overseas investors stayed net sellers on Monday for the second straight session.

Foreign portfolio investors offloaded stocks worth Rs 1,874.54 crore, according to provisional data from the National Stock Exchange. Domestic institutional investors turned net buyers after a day of selling and mopped up equities worth Rs 3,548.97 crore, the NSE data showed.

Foreign institutions have been net sellers of Rs 23,839 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.

• The local currency strengthened by 2 paise to close at 83.31 against the U.S dollar.

• It closed at 83.33 on Friday.

Source: Bloomberg

Indian benchmarks ended on a mixed note on Tuesday as Tata Steel Ltd., Hindalco Industries Ltd. rose, and ICICI Bank Ltd., HDFC Bank Ltd. declined.

The NSE Nifty 50 settled 27.05 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.

Further, markets struggled to find a direction as India moves closer to the election results day, when investors will proper insight about the country's political stability for coming years.

Intraday, the NSE Nifty 50 fell 0.43% to 22,404.55, and the S&P BSE Sensex fell 0.33% to 73,762.37.

"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, PSU bank segment outperformed while FMCG was the major laggard. A mixed activity was observed in the Broader markets where Midcaps marginally outperformed while Smallcaps ended the day in red, Gaggar said.

The Index has formed a bullish engulfing candle on the daily chart which indicates 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 added.

Tata Steel Ltd., Coal India Ltd., Hindalco Industries Ltd., Powergrid Corp of India Ltd., 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 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 sector.

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 sector 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 BSE.

• Revenue rose 3.7% to Rs 1,094 crore from Rs 1,055 crore

• Ebitda rose 19.6% to Rs 135 crore from Rs 113 crore

• Margin rose 170 basis points to 12.4% from 10.7%

• Net profit rose 39.3% to Rs 40 crore from Rs 29 crore

• Net profit rose 23.8% Rs 50 crore from Rs 40 crore

• Revenue rose 1.5% to Rs 256 crore from Rs 252 crore

• EBIT rose 7.8% to Rs 45 crore from Rs 42 crore

• EBIT margin rose 100 basis points to 17.5% vs 16.5%