Investors got a shock in the domestic stock market on Tuesday when Sensex and Nifty suddenly took a U-turn after a great start. While the market was firmly in the green in early trading, by 9:30 am both the major indices slipped into the red. This fluctuation alerted investors and profit-booking seemed to dominate the market.
At the beginning of trading, the Sensex had reached the level of 84,156.90 with a gain of 278.73 points. Nifty was seen trading 83.70 points higher at 25,873.95. But around 9:30 the market suddenly changed direction. The Sensex fell nearly 100 points to 83,777.90, while the Nifty slipped 40.70 points to 25,750.95. According to analysts, this weakness in the market was due to profit booking at upper levels and selling in selected big stocks.
These shares rose
ONGC, HDFC Bank, Tech Mahindra, Hindalco and HCL Tech were the big gainers on Nifty in the initial rise. Buying in these shares supported the IT and banking sectors. However, pressure was seen in big stocks like L&T, Max Healthcare, Tata Steel, Interglobe Aviation and Cipla, which put brakes on the market momentum.
Results of these companies will come today
Meanwhile, investors’ eyes are also fixed on the corporate results coming today. ICICI Lombard General Insurance, ICICI Prudential Life Insurance, Tata Elxsi, 5paisa Capital, Just Dial, Bank of Maharashtra, Navcar Corporation, Oriental Hotels, Sigma Solve and Tokyo Plast International are scheduled to declare their quarterly results today.
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