Sensex, Nifty end flat, Mankind Pharma rises 32%, IB Realty tanks 20%

Domestic equity markets took a U-turn on Tuesday to settle flat, almost unchanged. Benchmark indices gave up early gains after the recent volatile swings as the tug of war between bulls and bears ended with no fixed results. Traders are awaiting US inflation numbers for April due Wednesday.

For the day, the 30-share pack BSE Sensex ended almost flat as it shed 2.92 points to close at 61,761.33. On the other hand, NSE's Nifty50 added 1.55 points to settle at 18,265.95. Broader markets ended mixed as the BSE midcap index settled marginally up, while the BSE smallcap index settled in red. Fear guage India VIX rose slightly to 12.68-level.

Markets mostly moved in tandem with global equities, which were sluggish to negative. After exhibiting some volatility in the early session, markets lingered in negative territory for the better part of the trading session and ended almost flat as investors resorted to selective profit-taking after the sharp spike in recent sessions, said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

"On daily charts the Nifty has formed a small bearish candle which indicates indecisiveness between the bulls and bears. As long as the index is trading above 18200, the positive sentiment is likely to continue and could rally till 18,350-18,400. On the flip side, a quick intraday correction is possible if the index trades below 18,200. Below which the index could slip till 18,150-18,100," he said.

On a Sectoral front, Nifty PSU Bank index plunged 3 per cent, while Nifty Realty Index tanked about a per cent. Nifty FMCG, Metals and Consumer Durable indices were among other key laggards. Nifty IT index rose about a per cent, followed by strong gains in Nifty Auto and Pharma indices.

In the Nifty50 pack, UPL dropped more than 3 per cent, followed by a 2 per cent fall in ITC, State Bank of India and Bajaj Finance. JSW Steel, Grasim Industries, NTPC, Hindalco, Power Grid and Apollo Hospitals were also among other top laggards.

Among the gainers, Divis Labs surged over 3 per cent, followed by a 2 per cent fall in IndusInd Bank, Coal India, Tata Consultancy Services and Mahindra & Mahindra, which added a per cent each. Tata Motors, Cipla, Wipro and Infosys were among other top gainers.

Debutant Mankind Pharma hit its upper circuit limit of 10 per cent to end its maiden session at Rs 1,430. The rise was extended even after a strong listing pop as the stock settled 32 per cent higher above the issue price of Rs 1,080.

The domestic market relinquished its gains as weak global sentiments took hold. The upcoming US inflation figures have become the focal point in determining the global market trend, said Vinod Nair, Head of Research at Geojit Financial Services.

"The US inflation rate, which is expected to remain unchanged at its March level of 5 per cent, is causing worries that the Fed will remain stricter for long. However, the sustained support from FIIs is guarding the domestic market from a steep correction," he said.

A total of 3,640 shares were traded on BSE on Tuesday, of which 1,871 settled with cuts. 1,624 stocks ended the session with gains while 145 shares remained unchanged. A total of 185 shares hit their upper circuit, whereas 133 tested the lower circuit levels for the day.

In the broader markets, Indiabulls Real Estate plunged 20 per cent after the company informed the bourses that the merger of NAM Estates and Embassy One has been withheld by the NCLT, Chandigarh Bench. Sterling Tools and Apar Industries tanked 15 per cent after muted Q4 numbers. Indian Bank, IRCON International and IRFC dropped 6-8 per cent each.

On the other hand, AYM Syntex soared over 17 per cent, while Stylam Industries surged 15 per cent on the back of positive brokerage reports. Firstsource Solutions rose 11 per cent after Q4 numbers, while Sula Vineyards advanced 8 per cent. Prevest Denpro soared over 6 per cent during the session on the back of appointments of new directors to drive growth.