Indian markets ended on a flat note on Tuesday at the end of a choppy session, as sentiment across the globe improved following the recent reversals. Benchmark indices were quite subdued at start and remained indecisive for the majority of the first half. However, "the market staged a swift recovery after the Chinese market rebounded and European markets opened with a positive bias. Despite the intra-day recovery, the NSE Nifty failed to breach the 100-day DMA of 5116 while the BE Sensex failed to sustain above 17,000", says Amar Ambani Vice President, Research IIFL.
Index heavyweights like BHEL, L&T, ONGC and ITC were among the major gainers. Also, the broader indices out-performed their frontline peers and Capital Goods space extended its good run on the back of L&T’s strong results.
The BSE Sensex ended higher by 40 points to end at 17,876 and NSE Nifty gained 6 points to close at 5,066. Among the 30 components of Sensex, 19 ended in the positive terrain and 11 ended in the red.
Markets in Asia ended in the positive terrain; the Nikkei in Japan ended flat, Australia's S&P/ASX also ended unchanged, while the Hang Seng index in Hong Kong was up 1.2% and Shanghai SE Composite added 1.3%.
European indices were trading with smart gains, the DAX in Germany was up by 0.9%, the CAC 40 index in France was up 1% and the FTSE in the UK was up 0.5%.
Among the BSE sectoral indices, BSE Consumer Durables index was the top gainer, the index gained 1.5% followed by BSE Capital Goods index up 1.5% and BSE FMCG index up 1%. Even the Mid-Cap index and the Small-Cap index added 0.5% and 0.8% respectively.
On the other hand, BSE Metal index was the top loser, the index lost 2% and BSE Realty index slipped 0.7%.
Outside the frontline indices, the big gainers in the broader market were Federal Bank, Sintex Ind, BEML and Central Bank. On the other hand, losers included Rolta, Sun TV, Aban Offshore and Bharat Forge.
Tarapur Transformers, one of the prominent players in the Indian Power Industry started trading at Rs75 on Tuesday inline with its issue price of Rs75. The stock did manage to hit an intra-day high of Rs97.5 in the first half. However, as the day progressed the stock witnessed heavy selling and slipped below its issue price. Finally, the stock settled at Rs57.4 translating into a discount of 23.4%.
The stock opened at Rs75. It hit an intra-day high of Rs97.5 and an intra-day low of Rs54.10. Total traded quantity on the BSE was ~60mn equity shares.
The company had entered the capital market to raise Rs637.5mn through IPO. It would use the proceeds for expansion and modernisation of Pali unit, to part-finance incremental working capital requirements, acquisition of businesses and marketing and corporate branding expenses.
Shares of TCS slipped by 1% to end at Rs738 after reports stated that the U.K government may review an US$850mn outsourcing agreement signed with the company. UK may split large outsourcing orders into smaller deals to reduce government spending, reports added. The scrip opened at Rs741 it touched an intra-day high of Rs742 and a low of Rs727 and recorded volumes of over 0.25mn shares on BSE.
Shares of Titagarh Wagons surged by over 5% to end at Rs324 after the company’s fourth- quarter profit rose to Rs259.4mn from Rs103.6mn from a year earlier. The scrip opened at Rs307 it touched an intra-day high of Rs332 and a low of Rs305 and recorded volumes of over 0.1mn shares on BSE.
Shares of Elecon Engineering erased early gains and ended flat at Rs79.65. The company announced that it won an order of Rs519.2mn from client for design, engineering, manufacturing, testing, supplying, erecting and commissioning of Material Handling Equipments and other Equipments. The scrip opened at Rs80.7 it touched an intra-day high of Rs81.3 and a low of Rs78.9 and recorded volumes of over 0.2mn shares on BSE.