Sensex ends 43 points down; Nifty50 holds above 7,750
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NEW DELHI: The domestic equity market traded rangebound on Tuesday, tracking mixed cues from other Asian and European markets. While the Chinese state authorities intervened to ease the panic in the market, the volatility in stocks kept investors nervous, hampering initiation of fresh positions on the benchmarks.
The S&P BSE Sensex lost 43 points, or 0.17 per cent, to close the day at 25,580. Nifty50, the 50-stock barometer, closed at 7,785, down 6.69 points, or 0.1 per cent. Tata Steel and GAIL were the top gainers in the index. Selling was seen on the counters of HDFC Bank, TCS, Infosys and HUL, which weighed heavy on the BSE benchmark.
"The Nifty50 is in the no-trade zone. I am not comfortable taking a call on the index, and definitely not going long," said Sandeep Wagle, founder & CEO, Power My Wealth.
The broader market outperformed the benchmark indices with the BSE midcap and smallcap indices ending the day 0.56 and 0.79 per cent higher, respectively.
Among the sectoral indices, the BSE metal was the top sectoral gainer, up 2.2 per cent. Tata Steel and SAIL contributed most to the gains seen in the index.
The breadth of the market remained negative, with 18 of the BSE30 stocks closing the day in the red. The volatility index, India VIX, fell 1 per cent at close after surging to a four-month high of 19 per cent.
Shares of IFCI ended the day 6.61 per cent higher after the company said it would consider disinvesting a partial stake in SHCIL and full stake in ACRE.
Metal stocks, too, rallied on the back of a surge in global commodity prices. Shares of Tata Steel, SAIL, Kalyani Steel surged 6.2 per cent, 5.95 per cent and 9.64 per cent, respectively.
The European markets traded mixed, tracking the trends seen in the Asian markets. The German DAX was up 0.03 per cent while the French CAC40 fell 0.10 per cent. The pan-European Euro Stoxx 50 traded flat. Britain's FTSE100 index rose 0.24 per cent on support from mining stocks.
Most other Asian markets traded mixed, as the Chinese authorities intervened in the country's stock market to allay fears. Japan's Nikkei slid 0.42 per cent at close while the South Korean Kospi ended the day 0.6 per cent higher. Hong Kong's Hang Seng index fell 0.7 per cent and China's Shanghai Composite closed 0.26 per cent lower.
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