Sensex, Nifty rose on Tuesday amid choppy trade led by financial and IT stocks, but the gains were capped as material stocks such as Vedanta stumbled on losses in Chinese iron ore prices.
IT stocks rose after three sessions of falls, with the Nifty IT index up over 1 per cent. Infosys advanced 1.7 per cent, while Tech Mahindra rose over 4 per cent.
Meanwhile, metal stocks slipped as Chinese iron ore prices fell further, a day after posting their biggest daily drop in almost 10 months. The Nifty metal index fell as much as 2.5 per cent in intra-day deals but later trimmed losses to end flat.
That apart, investors will be looking forward to the latest developments in the parliament following the no-confidence motion moved by Telugu Desam Party (TDP) after it broke away from the BJP-led NDA following the Centre's refusal to grant Special Category status to Andhra Pradesh.
The TDP members of Parliament (MPs) today protested in Parliament premises, demanding a special category status for the state of Andhra Pradesh. In a bizarre move, MP Naramalli Sivaprasad joined the protest dressed up as a schoolboy, wearing shorts & carrying a notebook.
In the global markets, Asian shares fell on Tuesday as investors dumped high-flying US technology shares on fears of stiffer regulation as Facebook came under fire following reports it allowed improper access to user data.
The retreat came as investors braced for new Federal Reserve Chairman Jerome Powell’s first policy meeting starting later in the day and amid concerns that US President Donald Trump could impose additional protectionist trade measures.
(with inputs from Reuters)