Sensex pares gains after early euphoria; Nifty below 8500

NEW DELHI: The markets it seems is on a roller-coaster ride. After rallying over 400 points, the S&P BSE Sensex turned negative, led by losses in HDFC, Reliance Industries, TCS, Axis Bank and Sun Pharma.

Tracking the momentum, the 50-share Nifty index also came under bit of pressure and slipped below its crucial psychological level of 8550, weighed down by losses in realty, oil & gas, IT and capital goods stocks.

Earlier in the day, the S&P BSE Sensex surged as much as 406 points in trade on Tuesday, after GDP numbers, released post market hours on Monday suggested that economy is poised to grow 7.4% in the current year, bettering 6.9% recorded last year, the statistics office said.


At 02:10 p.m., the 30-share index was at 28,098, down 130 points or 0.45 per cent. It touched a high of 28,633.72 and a low of 28,044.49 in early trade.

The Nifty was at 8,501.85 down 24.50 points or 0.3 per cent. It touched a high of 8,646.25 and a low of 8,470.50 in early trade.

According to experts, fluctuation in the stock market is currently due to state election results and is more short term in nature, while the broader trend still remains on the track. And, market participants should focus on the prevailing earning season and upcoming Budget for further cues, they say.

The S&P BSE Midcap Index was down 0.48 per cent and the S&P BSE Smallcap Index was 0.5 per cent lower.

Among the sectoral indices, the S&P BSE Metal Index gained 0.38 per cent, the S&P BSE Bankex was 0.22 per cent up and the S&P BSE Auto Index advanced 0.46 per cent.

BSE Oil & Gas index was trading 1.3 per cent lower, followed by the BSE realty index which slipped 1.3 per cent and the BSE IT index was trading 0.8 per cent.

M&M (up 1.9 per cent), Tata Motors (up 2 per cent), GAIL India (up 1.9 per cent), Coal India (up 1.2 per cent) and Hindalco (up 1.3 per cent) were among the major Sensex gainers.

Reliance Industries (down 3 per cent), Sun Pharma (2.8 down per cent), HDFC (down 2.5 per cent), TCS (down 2.4 per cent) and Axis Bank (down 1.5 per cent) were the major index losers.