Stock Market: Sensex Gains 37 Points, Nifty Closes Above 18,100. Tata Motors, Maruti Surge 3%

The two key equity benchmarks, Sensex and Nifty, on Tuesday closed flat, despite firm global sentiments and good Q3 shows by companies.

The S&P BSE Sensex closed marginally higher by 37 points to 60.979. On the other hand, NSE Nifty50 settled at 18,118, up 0.25 points. During early morning trade, the S&P BSE Sensex, however, soared over 300 points to a high of 61,266 and low of 60,849, down 92 points, while Nifty50 hit day’s high and low of 18,201, and 18,078, respectively.

On the 30-share Sensex platform, Tata Motors, Maruti, HCL Tech, HDFC Bank, HDFC, Asian Paints were the gainers. On the flip side, Axis Bank, PowerGrid, Tata Steel, Kotak Bank, L&T, SBI emerged losers.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices declined up to 0.3 per cent.

Volatility gauge, India VIX, gained marginally to 0.2 per cent.

Sectorwise, Nifty Auto index was the best sectoral performer as it gained 1.2 per cent. Nifty PSU Bank and Nifty Realty indices, on the contrary, was the worst sectoral performer as it tanked up to 1.3 per cent.

Among individual stocks, Tata Motors traded higher for the third straight day as shares surged 4 per cent, amid heavy volumes ahead of Jaguar Land Rover (JLR) third quarter results. Maruti shares rose 3.27 per cent as the carmaker posted twofold jump in its Q3 net profit to Rs 2,351 crore. Besides, shares of Axis Bank slipped 2 per cent, on profit booking, after the bank reported 62 per cent year-on-year (YoY) jump in standalone net profit to Rs 5,853 crore for Q3FY23.

After a solid start to this week, stock futures tied to Wall Street turned negative in Tuesday’s trade. Dow Jones Futures, the S&P 500 Futures, and NASDAQ Futures slipped up to 0.1 per cent. European markets, meanwhile, reflected mixed trends this noon with CAC 40 index and Stoxx 600 hovering in the positive zone.

Meanwhile, the rupee fell 28 paise to close as 81.70 (provisional) against the US dollar on Tuesday as unabated foreign fund outflow hit market sentiments. However, a weak dollar and fall in crude prices capped the losses in the local currency, forex traders said.

At the interbank foreign exchange market, the rupee opened lower at 81.61 to a dollar against the previous close of 81.42. The local unit moved in a range of 81.43 to 81.76 during the day. On Monday, the rupee had declined by 25 paise to close at 81.42 against the US dollar.

Meanwhile, the US dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.01 per cent to 102.15 amid concerns over US economic growth.

The Brent crude was trading 0.41 per cent lower at $87.83 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Monday as they sold shares worth Rs 219.87 crore, according to exchange data.