Sensex, Nifty Recover After Weak Start, Up Marginally
(RTTNews) - After a weak start due to a sell-off in technology stocks, the Indian stock market moved into positive territory Tuesday morning, riding on gains in the financials, FMCG and banking sectors.
The mood in the market remained cautious with investors assessing the Middle East situation amid conflicting reports about peace efforts.
The overnight weakness in tech stocks on Wall Street and the resultant declines in most of the Asian markets weighed on the Indian tech sector this morning.
The benchmark BSE Sensex, which climbed to 77,192.63 from a low of 76,878.66, was up 20.50 points or 0.03% at 77,114.57 a little while ago.
The broader Nifty50 index of the National Stock Exchange was up 14.85 points or 0.06% at 24,117.95.
IT majors Infosys, Tata Consultancy Services and Wipro shed 2.7%, 1.9% and 1.7%, respectively. HCL Technologies, LTM, Mphasis and Tech Mahindra also drifted notably lower.
Metal stocks declined sharply. Vedanda dropped more than 8%. National Aluminium and Hind Zinc shed 4.2% and 3.3%, respectively. Hindalco, NMDC, Jindal Steel and SAIL lost 1%-1.6%.
Among healthcare stocks, PPL Pharma climbed nearly 10%. Cipla moved up 2.5%, while Sun Pharmaceutical Industries, Dr Reddy's Laboratories, Biocon, Mankind, Aurobindo Pharma, Torrent Pharma, Lupin, Glenmark and ZudusLife gained 1%-2.3%.
Realty stocks Lodha, Aditya Birla Real Estate, Prestige, Oberoi Realty and Godrej Properties gained 1.5%-3.2%.
In economic news, flash data from S&P Global showed India's HSBC Composite PMI fell to 57.4 in June from 59.3 in the previous month. The manufacturing PMI dropped to 54.5 this month from 55.0 in May, while the Services PMI declined to 57.3 from 58.9.
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