Stock Market: Indices Turn Red After Opening Flat, Nifty Around 17,700; FMCG, IT Drag

The two key equity benchmarks, Sensex and Nifty, on Tuesday, opened flat, however, indices turn red amid volatility. In early trade, the BSE Sensex gained 42 points to 59,953. On the other hand, the NSE Nifty50 was trading at 17,722, up 15 points.

However, amid increased volatility, benchmark S&P BSE Sensex erased early morning gains, and was down over 100 points at 59,790 levels. The Nifty50 slipped below the 17,700-mark.
On the 30-share Sensex platform, Tata Motors, HCL Tech, Maruti Suzuki, IndusInd Bank, Axis Bank, and SBI were trading in the green. On the flip side, PowerGrid, Reliance, TCS, HUL, and Wipro were among the early losers.

Among Specific stocks on Nifty50, Apollo Hospitals, HUL, PowerGrid, Bajaj Auto and Reliance were the early losers. On the other hand, Tata Motors, Echier Motors, HCL Tech, HDFC Life, and Maruti Suzuki were trading higher.

In the broader markets, the BSE MidCap and SmallCap indices continued to hold gains of up to 0.3 per cent.
Sectorwise, the Nifty IT index slipped 0.4 per cent, while the Nifty Realty and PSU bank indices added up to 0.5 per cent.

Avalon Technologies’ shares made a muted market debut on Tuesday, trading at Rs 431 on the BSE. This was 1.15 percent less expensive than the unit’s initial issue price of Rs 436.

In the previous session on Monday, the BSE Sensex ended 520 points lower at 59,911. On the other hand, Nifty50 closed at 17,707, down 121 points.

On Wall Street, the market posted modest gains on Monday, backed by financial and industrial shares, while investors braced for a heavy week of corporate results and comments from Federal Reserve officials that could give more insight into the path of interest rates.

While most Asian markets opened on a weaker note ahead of China’s growth data. China has reported a strong start to its economy in 2023 following the lifting of strict coronavirus pandemic restrictions that were in place for three years. According to China’s National Bureau of Statistics, the country’s gross domestic product (GDP) grew by 4.5 per cent in the first quarter of the year compared to the same period in 2022.

Brent crude futures, the global oil benchmark, advanced 0.28 per cent to $85 per barrel.
The Rupee rose 1 paisa to 82 against the US dollar in early trade on Tuesday, tracking a weak dollar and positive trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 81.99 against the dollar. It went as high as 81.96 and touched the lowest level of 82.02. On Monday, the Rupee settled at 82.01 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.08 per cent to 102.03.

According to exchange data, Foreign Institutional Investors (FIIs) turned net sellers in the capital markets on Monday as they offloaded shares worth Rs 533.20 crore.