Benchmark indices pared opening gains to trade flat in the early morning trade tracking positive cues from Asian markets. Back home, investors awaited the services PMI data and the results from the second day of GST Council Meet.
At 10:50 am, the S&P BSE Sensex was trading at 26,653, up 10 points, while Nifty50 was ruling at 8,194, up 2 points.
Among broader markets BSE Midcap and BSE Smallcap were trading 0.48% and 0.67% higher, respectively.
“The 8,225 region continues to hold forte but it was instructive to see firm buying interest after initial dips. Brief penetration of 8,235 is still likely, with potential for sharp spikes towards 8,250/8,300, but they are less likely to sustain suggesting that the potential for a drop once inside the 8,225-8,250 region needs to be planned for,” said Geojit BNP Paribas in a note.
On Tuesday, foreign portfolio investors (FPIs) sold shares worth a net Rs 500.49 crore, while Domestic institutional investors (DIIs) bought shares worth a net Rs 562.27 crore, provisional data available with BSE showed.
Sectors and Stocks
Tata Motors was the top gainer on BSE Sensex followed by ONGC, Bajaj Auto, Coal India and Tata Steel while Reliance Cipla, Bharti airtel and Lupin were the biggest laggards.
NMDC gained over 4% to Rs 135.6 after the company reported it has raised iron ore prices by up to 6.72% in anticipation of an increase in steel prices.
BSE Metals was the top sectoral gainer, up almost 1% on reports of rising steel prices. NALCO, JSPL, Tata Steel gained between 0.9-2.7%. Hind Zinc was the only stock trading in red in the index.
Coal India gained around 1% to Rs 308 on reports that the company will this month begin the second phase of auction of coal linkages for the non- regulated sector and is likely to put on offer 14.5 million tonnes of fuel.
Bharti Airtel fell nearly 0.54% Rs 302 after the company offered free data for 12 months, worth up to Rs 9,000, to customers who switch to Airtel 4G in a bid to compete with Reliance Jio.
Capitalstars Financial Research Private Limited is a research house and an investment advisory carrying out operations in the Indian Equities and Commodity market.We also provide 2 days free trial to our client.Join our services and trade with us.