Indian indices pared gains to end on a flat note on Tuesday as losses in bank, financials and pharma sectors were capped by gains in IT stocks and heavyweight Reliance Industries.
Indian indices pared gains to end on a flat note on Tuesday as losses in bank, financials and pharma sectors were capped by gains in IT stocks and heavyweight Reliance Industries. HDFC Bank, ICICI Bank, HDFC, ITC and Axis Bank were the top contributors to the losses to the benchmarks.
The Sensex ended 32 points higher at 40,625 while the Nifty rose 3.5 points to 11,934.50.
Broader markets underperformed benchmarks with the Nifty Midcap and Nifty Smallcap indices down 0.5 percent and 0.2 percent, respectively.
Here are the key stocks that moved the most:
Wipro: The stock price ended slightly lower to Rs 375.20 The stock has gained over 20 percent since September 30, 2020, and was trading at Rs 374.70, down Rs 2.85, or 0.75 percent. The Board of directors will be considering a proposal of buyback of equity shares of the company at the meeting scheduled to be held on October 13, 2020.
Mazagon Dock: The shares settled over 5 percent higher to Rs 181 t hit a high of Rs 185 per share on the NSE. Mazagon Dock Shipbuilders was listed with a 49 percent premium as against its issue price on Monday. However, the stock lost more than half of its gains after investors jumped to book profits.
UTI AMC: The share price of UTI AMC closed over 8 percent to hit a high of Rs 517.50 per share on the NSE on Tuesday. The stock, however, is still trading 9 percent lower compared to its issue price of Rs 554. UTI AMC got listed on Monday at a 13 percent discount as against its issue price. About 4,71,522 shares exchanged hands today, as per the NSE data.
Rane Brake Lining: The shares ended 11 percent higher to Rs 649 on the NSE after the board of directors at its meeting scheduled on October 15 may consider proposal for buyback of equity shares.
Steel Strips Wheels: The stock settled 2 percent higher to Rs 483 after the company bagged orders of 38,000 wheels worth $3,68,000 from the US and the EU.
Shalby: The shares closed over 2 percent higher to Rs 101.95 over healthy Q2 earnings. The company posted a standalone net profit at Rs 24.16 crore for the second quarter ended September 30, as against a loss of Rs 8.7 crore a year ago.
Banking Stocks: The banking index ended lower as the Supreme Court is going to resume the hearing on interest waiver case. The Supreme Court is set to resume it hearing on a batch of petitions seeking interest waiver during the loan moratorium period on October 13 (today). The hearing will begin at 12 noon, as per CNBC-TV18.
Cement Stocks: The space rose on Tuesday after brokerage house Jefferies turned constructive on the sector and believes that the demand outlook is improving. It has revised estimates for volumes, realisations and operating costs. The brokerage upgraded the EBITDA estimate for the sector by 4-5 percent over FY21-23.
Telecom Stocks: Telecom stocks traded mixed after the Telecom Regulatory Authority of India (Trai) released subscription data for July. Reliance Jio became the first mobile service provider to cross the 40 crore customers mark in India with a net addition of over 35 lakh subscribers in July. The rebranded Vodafone Idea or Vi, continued to report a sharp fall in subscribers, losing 37 lakh users in the month. Meanwhile, Bharti Airtel added 32.6 lakh mobile customers.
First Published: IST