losses in metal shares and select state-run banking stocks offset gains in auto and IT shares
Domestic stock markets gave up early gains to trade flat on Tuesday morning amid a mixed trend in Asian equities. The S&P BSE Sensex index opened 173.07 points higher at 36,660.35, and the broader NSE Nifty 50 benchmark started the day at 10,802.85, up 39.2 points compared to its previous close. However, the markets turned flat soon after that, as losses in metal shares and select state-run banking stocks offset gains in auto and IT shares.
At 9:52 am, the Sensex traded 14.75 points - or 0.04 per cent - higher at 36,502.03, while the Nifty was down 1.85 points - or 0.02 per cent - at 10,761.80..
In the Nifty basket of 50 shares, Infosys, HCL Tech, Wipro, Tata Motors and Bajaj Finance, trading between 1.79 per cent and 3.12 per cent higher at the time, were the top percentage gainers.
On the other hand, Power Grid, Mahindra & Mahindra, ONGC, Grasim and ITC, trading between 2.03 per cent and 2.58 per cent lower, were the top Nifty losers.
While Infosys, TCS and HCL Tech were the top boosts to the Sensex, ITC, HDFC Bank and Axis Bank were the biggest drags.
Official data on industrial production and retail as well as wholesale inflation will be released this week. IT major Tata Consultancy Services (TCS) will kick off the earnings season by reporting its financial results for the April-June period.
Shares elsewhere in Asia moved lower as worries about a spike in COVID-19 cases in the US outweighed growing expectations of an economic rebound in China and a resurgent US services industry.
MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading 0.14 per cent higher, while Japan's Nikkei 225 benchmark was down 0.64 per cent.
While China's Shanghai Composite and Hong Kong's Hang Seng indices were up 1.32 per cent and 0.12 per cent respectively, South Korea's KOSPI barometer was down 0.26 per cent.
The E-Mini S&P 500 futures were down 0.27 per cent, indicating a negative start for US markets on Tuesday.
Overnight on Wall Street, the S&P 500 ended 1.59 per cent higher, the Dow Jones Industrial Average rose 1.78 per cent and the technology stocks-heavy Nasdaq Composite climbed up 2.21 per cent.
On Monday, the Sensex had closed 465.86 points - or 1.29 per cent - higher at 36,487.28, and the Nifty settled at 10,763.65, up 156.30 points - or 1.47 per cent - from its previous close.
