The 30-share BSE Sensex settled down 14 points, or 0.02%, at 84,914, while the broader NSE Nifty closed up 1 point, or 0.01%, at 25,940.
Nifty Auto, IT, Pharma and Oil & Gas ended the day in the green, while Bank, FMCG, Realty and Consumer Durables sectors closed lower.
Among individual stocks, the Indian Energy Exchange (IEX) tumbled 11.5% following reports that the Center is mulling implementation of market linkages for power exchanges.
Shares in AstraZeneca Pharma also closed up 17% after the government approved the import of durvalumab, a liver and gallbladder cancer drug.
-
Stock trading
Market 101: Insights into Trendlines and Momentum
-
Stock trading
Markets 102: Mastering Sentiment Indicators for Swing and Positional Trading
-
Stock trading
Market 103: Mastering Trends with RMI and Techno-Funda Insights
-
Stock trading
Market 104: Options Trading: Kickstart Your F&O Venture
-
Stock trading
ROC Made Easy: A Master Course for the ROC Stock Indicator
-
Stock trading
RSI Made Easy: RSI Trading Course
-
Stock trading
Technical Analysis for Everyone – Technical Analysis Course
-
Stock trading
Introduction to Technical Analysis and Candlestick Theory
-
Stock trading
Options Trading Course for Beginners
-
Stock trading
Options Scalping Made Easy
-
Stock trading
Futures Trading Made Easy: Futures and Options Trading Course
-
Stock trading
Stock markets made easy
-
Stock trading
Renko chart patterns made easy
-
Stock trading
Options Trading Made Easy: Options Trading Course
-
Stock trading
Stock Investing Made Easy: An Introductory Stock Market Investment Course
-
Stock trading
Macroeconomics Made Easy: Online Certification Course
-
Stock trading
Stock valuation made easy
Market breadth was skewed in favor of the bears. On the BSE, around 2,045 stocks declined, 1,932 advanced and 99 remained unchanged.
Expert opinions
“Domestic benchmarks are trying to sustain fresh highs driven by the US Fed’s aggressive rate cuts. Meanwhile, China’s central bank’s rate cuts, and additional stimulus measures have positively influenced global investor sentiment, resulting in gains for local metal stocks. In contrast, FMCG and higher profit-booking led to decline in banking stocks,” said Vinod Nair, head of research at Geojit Financial Services.
“In the near term, strong inflows from FIIs are expected to maintain momentum, driven by the dovish outlook of the US Fed and expectations of a rate cut by the RBI in October,” Nair added.
Rupak De, Senior Technical Analyst, LKP Securities, said, “The Nifty traded in a narrow range on Tuesday, taking a breather after a three-day rally. Short-term sentiment remains positive, with the index staying above the critical 21. Day EMA, daily RSI are bullish. However, to continue bullish, Nifty should break above 26,000 level decisively, till then we expect range-bound movement with fluctuations between 25,800 and 26,000 in next few hours to few days.”
Global markets
World stocks hit record highs on Tuesday after China unveiled stimulus measures to support its economy and stock markets, sending Asian and European stocks higher and boosting commodity prices.
The move sent Chinese stocks higher, with the blue-chip CSI300 index and the Shanghai Composite index each rising more than 4%. Hong Kong’s Hang Seng index jumped more than 4% to a four-month high.
The pan-European STOXX 600 index rose 0.8%, led by China’s open-pit mining and luxury stocks. German blue-chip DAX traded just below all-time highs.
The oil rises
News of a fiscal stimulus from top importer China and concerns that conflict in the Middle East could affect regional supplies lifted oil prices on Tuesday, while another storm threatened supplies in the United States, the world’s biggest crude producer.
Brent crude futures were up $1.34, or 1.8%, at $75.24 a barrel. US WTI crude futures rose $1.38, or 2%, to $71.75.
Rupee weakened
The Indian rupee weakened on Tuesday as rebalancing-related outflows to some global equity indices, along with demand for dollars from importers, weighed on the currency, even as most of its Asian peers gained.
The rupee closed at 83.67 against the US dollar, down 0.1% from the previous session’s close of 83.5525.
(with inputs from agencies)
(You can now subscribe to our ETMarkets WhatsApp channel)
