The benchmarks gave up most of their initial gains and fell flat on Tuesday afternoon, amid alternate bouts of buying and selling. Sensex BSE has hovered over 500 points between an intraday high of 58,779 and a low of 58,232 and is currently trading at 58,570.10, up 80 points or 0.1% and the Nifty is at 17,430.10, up 34 points. or 0.20 percent.
The BSE Midcap Index is also moving in tandem with its large cap counterparts, recording gains of 0.20%. The BSE Smallcap index, however, lost 0.6%.
Gains in IndusInd Bank, Bajaj Finance and Bajaj Finserv are offset by losses in Maruti Suzuki, Bajaj Auto, Axis Bank and HDFC Bank
Asian stock markets are moving in a mixed fashion and European markets have opened in the green, a sign of stability a day after markets were disrupted by fears that Chinese real estate giant Evergrande might default on its massive debt.
On the equity front, IndusInd Bank, Bajaj Finance, Bajaj Finserv and Tata Steel each gained 1-4 percent on BSE. Information technology stocks are also gaining strength, with Tech Mahindra, HCL Tech and Infosys gaining about one percent each. Tata Steel had plunged 9% in the previous session amid fears of a slowdown in China and its impact on the metals sector.
On the other hand, some auto and private banks are weak. In the ato sector, Maruti Suzuki and Bajaj Auto lost 2% and 1% each on BSE. And in private banking, Axis Bank, HDFC Bank and ICICI Bank lost about one percent each.
The scope of the BSE market is small. Of the 3,291 stocks traded on the BSE, there are 1,210 advancing stocks versus 1,920 declining stocks.