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Nifty Midcap 100 and Nifty Smallcap 100 ended 0.4 percent lower each. Earlier in the session, Nifty 50 surged above 18,200 for the first time in three weeks.
Indian equity benchmarks NSE Nifty 50 and BSE Sensex recovered from day's low to end Tuesday's session flat. Auto and IT shares ended higher while oil, gas and construction shares ended in the red. Nifty Midcap 100 and Nifty Smallcap 100 ended 0.4 percent lower each.
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Earlier in the session, Nifty 50 surged above 18,200 for the first time in three weeks.
The Sensex rose 324.4 points or 0.5 percent to 61,266.1, before ending at 60,978.8. The Nifty50 moved within a range of 18,078.6 - 18,201.2 in intraday trade before ending flat at 18,118.3. Nifty Bank ended 87.8 points or 0.2 percent lower at 42,733.4.
A total of 29 stocks in the Nifty50 basket finished in the red, with Axis Bank, Hindalco, Dr Reddy's, Power Grid, SBI Life being the top losers.
Tata Comm, Syngene, Delhivery, Torrent Power and Sun TV led the Nifty Midcap index lower.
On the other hand, Tata Motors, Maruti, Bajaj Auto, Britannia and HCL Tech were the top Nifty 50 gainers.
"Mirroring robust global peers, the domestic market extended previous gains driven by auto stocks. However, due to selling pressure in banking shares, the indices anchored close to the flatline. Auto stocks were in focus prior to the earnings results of the sector major. Hopes of a soft landing of the US economy along with the anticipation of a lesser rate hike boosted global bourses," said Vinod Nair, Head of Research at Geojit Financial Services.
Overall market breadth favoured the decline at close, as 1,534 stocks rose while 1,970 fell on BSE.
Rupee ended 33 paise lower from previous close at 81.72 vs US dollar.
European markets traded flat on Tuesday, as investors made sense of the purchasing managers' index data released earlier in the day. Stoxx 600 index was last trading 0.3 percent lower at 453.1.
S&P 500 futures were trading 0.2 percent lower, suggesting a negative start on Wall Street. Wall Street ended higher on Monday.