Sensex slips in early trade; Nifty under 25,650 as IT aids fade
Sensex slips in early trade; Nifty under 25,650 as IT aids fade
Markets opened softer with heavyweights weighing on the indices, but IT stocks offered some support as trading remained choppy through the session.
Indian equities opened on a subdued note on Tuesday, with the BSE Sensex slipping 193.25 points, or 0.23 per cent, to 83,083.90 at 9:20 am, dragged lower by heavyweights in banking, metals and energy. The 30-share index had settled at 83,277.15 in the previous session. It opened marginally lower at 83,197.67 and oscillated between an intraday high of 83,265.44 and a low of 83,039.01 in early deals.
Information technology counters offered some support to the indices. Shares of Infosys rose over 1.5 per cent, while TCS, HCLTech and Tech Mahindra gained up to 1 per cent in early trade. Among other gainers on the Sensex pack were Asian Paints, up over 2 per cent, and Bharat Electronics Limited, which advanced more than 1 per cent.
On the flip side, index heavyweights exerted pressure. Shares of Reliance Industries declined nearly 0.7 per cent, while private lenders such as ICICI Bank and HDFC Bank slipped up to 0.8 per cent. Metal stocks were also under pressure, with Tata Steel and Hindalco Industries trading lower by nearly 1%.
By the close, momentum reversed as buying picked up breadth across the market. The Sensex jumped about 650 points to close at 83,277.15, while the Nifty50 settled up 211.65 points at 25,682.75, reflecting a broad recovery from the early slump.
