Sensex and Nifty Erase Early Gains, Trade Flat In Stock Market; IT Stocks Drag

In a volatile turn of events, the Sensex and Nifty indices relinquished their early gains and settled into a flat trade on Tuesday. The BSE Sensex, which had soared earlier, faced a decline of 48 points, settling at 65,904 by 9.58 am. Simultaneously, the NSE Nifty also experienced a dip, trading at 19,588, down by 9 points.

Notable Movers and Shakers on Sensex

Several major stocks on the 30-share Sensex platform found themselves in the red zone. Companies such as PowerGrid, M&M, Nestle, Airtel, Sun Pharma, and Infosys witnessed a decrease in trading values. Conversely, TechM, Maruti, Tata Motors, SBI, Wipro, and Titan displayed a bullish performance, emerging as gainers.

Paytm’s Share Slump and Inox Wind’s Rally

Paytm’s shares took a hit, dropping by 2 per cent, following Price Waterhouse Chartered Accountants (PwC India)’s resignation as the auditor of Paytm Payments Services. Meanwhile, Inox Wind experienced a notable rally of 5.3 per cent, with over 10 million shares, or more than 4 per cent of equity, changing hands amid a block deal.

Sectoral Performance

While the broader markets displayed resilience, with the BSE Midcap and Smallcap indices each adding 0.2 per cent, specific sectors faced mixed fortunes. The Nifty Pharma index emerged as a leader with a 0.9-per cent gain. However, the Nifty FMCG and IT indices experienced a decline of 0.2 per cent each.

Recap of Previous Session

In the previous trading session, the S&P BSE Sensex closed at 65,953 levels, marking a significant rise of 232 points. Simultaneously, the NSE Nifty50 showcased a commendable increase of 80 points, settling at 19,597 levels.

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