Mumbai : In the early trading session on Tuesday, there were indications of a slight recovery in stock market benchmark indices, driven by purchases of leading stocks and ongoing investments from domestic institutional investors (DIIs). The BSE Sensex recovered 239.33 points to hit 81,390.60, and the NSE Nifty increased 72.95 points to 24,854.05. UltraTech Cement, Titan, Infosys, ICICI Bank, Power Grid, Tech Mahindra, Nestle, and Bajaj Finserv played a significant role in this recovery. Even with this improvement, main stock market indicators saw minor declines at the start of the trading day.
Today's Market updates
The Nifty dropped under the 24,750 level, while the Sensex decreased just below 81,000. Real estate stocks continued to face challenges, dropping for the second day in a row. At 10:25 IST, the Sensex recorded a decrease of 204.86 points (0.25 pc at 80,948.71, while the Nifty dropped by 71.40 points (0.29 pc ) to 24,709.70. The overall market showed a negative trend, with the S&P BSE Mid-Cap index decreasing by 1.11 pc and the Small-Cap index dropping by 1.94 pc . In total, the market breadth was unfavorable, as 824 stocks rose while 2,767 fell.
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Hyundai Motor India's stocks were valued at Rs 1,865.75, marking a 4.81 pc decrease from its initial price of Rs 1,960. The share started trading at Rs 1,931, just under the initial price, and has varied between Rs 1,968.80 and Rs 1,846 during the session. In the financial reports, various companies experienced drops, such as Aditya Birla Real Estate (decreased by 4.29 pc), Amber Enterprises India (went down by 9.59 pc), and Chennai Petroleum Corporation (fell by 3.80 pc ).
Adani Energy Solutions experienced a slight increase of 0.05 pc, while ICICI Prudential Life Insurance recorded a minor gain of 1.18 pc. Significantly, the Nifty Realty index showed a decline of 2.48 pc to reach Rs 1,007.05, driven by significant decreases in Phoenix Mills (decreased by 4.16pc) and DLF (decreased by 2.58 pc).
Bhansali Engineering Polymers saw a 6.94 pc drop in its stock following a 3.92 pc decrease in consolidated net profit for Q2 FY24, despite a 16.87 pc increase in revenue. In general, even though there were some indications of improvement in the markets, investors continued to be wary due to conflicting global signals, which included a decrease in Brent crude oil prices to USD 74.11 per barrel.
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