MARKET: Broader indices outperform; breadth favours buyers in 2:1 ratio

Markets at 11 AM

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Tata Steel (up over 3 per cent), Power Grid, NTPC, Sun Pharma, and Bajaj Finserv were the top gainers on the Sensex. IndusInd Bank (down 3 per cent), Asian Paints, Infosys, RIL, and ICICI Bank were the top drags.

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The broader markets, however, have completely recovered their losses and are comfortably trading in the green.

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Overall, the market breadth was favouring buyers with more than 2,000 stocks trading with a positive bias relative to around 950 stocks in the red on the BSE.

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In the currency market, the rupee was trading under pressure, at 74.54, against the US dollar. The domestic currency opened lower at 74.49 per US dollar relative to Monday’s close of 74.40/$.

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Bulls are trying to wrestle their way back on Dalal Street, staging an across-the-board recovery.

After the early morning debacle, where the BSE Sensex hit a low of 57,718, the 30-share index was at 58,370, down just 95 points on the BSE at 10:05 AM.

The NSE Nifty, meanwhile, reclaimed the 17,400-mark, down only 6 points.

All the sectoral indices recouped their losses and were trading higher on the NSE, barring the Nifty IT index (down 0.7 per cent). The Nifty Metal pack was leading the recovery, up 2.5 per cent, followed by the Nifty PSU Bank and Realty indices, up 1.7 per cent each.

Among individual stocks,Vedanta surged nearly 8 per cent to a high of Rs 354 in early deals on the BSE on Tuesday after nearly 7 per cent of total equity of metal company changed hands via multiple block deals. READ MORE

New listing: Latent View Analytics made a strong market on the bourses on Tuesday despite a weakness in the secondary market. The shares listed at Rs 530 per share on the BSE, a 169 per cent premium against the issue price of Rs 197 per share. On the National Stock Exchange (NSE), the shares debuted at Rs 512, up 160 per cent against issue price. READ MORE

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Opening Bell

LIVE market update: Tepid global cues and valuation headwinds continued to force investors to book profits for fifth straight day on Tuesday. The BSE Sensex fell 656 points, or over 1 per cent, in opening deals to quote at 57,810 levels. The Nifty50, on the other hand, sliiped below the 17,250-mark, down 167 points.

In the broader markets, the BSE MidCap and SmallCap indices fell 1 per cent each.

Infosys, ICICI Bank, Tech Mahindra, Reliance Industries, Wipro, HCL Tech, and Bajaj Auto were the top large-cap laggards while Mindtree, Info Edge, Mphasis, and Srei Infra were the top losers in the broader market space.

Sectorally, only the Nifty Metal index was trading higher, up 0.36 per cent. On the downside, the Nifty IT index was slipped 2 per cent and the Nifty Bank index fell 1 per cent.

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Frontline indices were reeling under losses in the pre-open session with the BSE Sensex and the Nifty50 indices down about 1 per cent.

The 30-pack index declined around 500 points to quote at 57,962 while the 50-share index held 17,250-mark. HDFC, Infosys, and RIL were the top losers in pre-open market session.

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Updated at 8:15 AM

LIVE market updates: After a manic Monday, markets look set to open with another gap-down on Tuesday amid growing headwinds.

At 8:10 AM, the SGX Nifty was down at 17,347 levels, compared with yesterday’s spot Nifty close of 17,416.

Globally, Nasdaq tumbled 1.3 per cent, and the S&P 500 index was down 0.3 per cent. Dow Jones managed to end on a flat note in overnight trade in the US on Monday.