Domestic benchmark indices recovered from a downbeat session and managed to end higher on Tuesday as the market tried to bounce back from recent lows.
Buying was seen in auto, banks, metal and pharma names, while a slide in tech stocks, as companies are scaling down variable pay due to margin pressure, capped gains.
After a 2-day hiatus and opening in the red, the 30-share pack Sensex recouped losses to settle 257.43 points higher at 59,031.30. Its broader peer, Nifty50, advanced 86.80 points to end above the 17,550 mark.
The Nifty IT index was the worst sectoral performer with TCS and Infosys falling over 2 per cent each. HCL Tech, Tech Mahindra also fell over 1 per cent.
M&M, Eicher Motors, Bajaj Finserv, Titan and Tata Steel were the top gainers after a volatile session, rising between 2.5-4 per cent.
Sectorally, except for Nifty IT, all sectoral indices ended the session in the black. Nifty PSU Bank outperformed peers, rising over 2 per cent. Nifty bank and auto advanced 1 per cent and 1.8 per cent each, while metal and pharma also settled with decent gains.
The overall sentiment across markets remains bearish, as traders await Fed chair Jerome Powell’s speech at the central bank’s annual Jackson Hole economic symposium on Friday. Asian shares fell for a sixth straight session after a renewed spike in European energy prices stoked recession fears.
M&M shares jumped over 4 per cent after Nomura saw a 23 per cent upside in the stock. NMDC ended 6 per cent higher after reports said the MCA is likely to approve NMDC Nagarnar steel plant demerger this week.
Broader markets outperformed benchmarks, with both midcap and smallcap indices rising over 1 per cent each.
Mr. Siddhartha Khemka of Motilal Oswal Financial Services said Nifty is consolidating near 17,500 levels and is witnessing buying interest at lower levels.
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