The domestic equity barometers came off the day's high in afternoon trade. Shares bounced back on Tuesday following the sharp sell-off witnessed on Monday on concerns over global inflation and rising interest rates.
At 13:26 IST, the barometer index, S&P BSE Sensex was up 224.29 points or 0.41% to 54,694.96. The Nifty 50 index added 49.05 points or 0.3% to 16,350.90.
Hindustan Unilever (up 3.07%), Eicher Motors (up 3.01%), IndusInd Bank (up 2.80%), UPL (up 2.32%) and Asian Paints (up 2.25%) were the top Nifty gainers.
Tata Steel (down 5.56%), Coal India (down 4.51%), ONGC (down 3.85%), Hindalco (down 3.25%) and Apollo Hospitals Enterprise (down 2.07%) were the top Nifty losers.
In the broader market, the S&P BSE Mid-Cap index shed 0.93% while the S&P BSE Small-Cap index lost 0.59%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1429 shares rose while 1806 shares fell. A total of 150 shares were unchanged.
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Global markets:
European stocks advanced while most Asian markets traded higher on Tuesday as global markets looked to rebound from a broad sell-off in recent days, prompted mainly by concerns over inflation and rising interest rates and the potential for a global recession.
Monday's moves came as Wall Street experienced an erratic last week, with eye-popping day-to-day swings as investors weighed the prospects of rising interest rates against the potential of slower economic growth.
The war in Ukraine remains another source of market tension. Russia's President Vladimir Putin reportedly attempted to justify his unprecedented invasion of Ukraine on Monday, which was Victory Day in Russia one of the most important events on the country's national calendar, marking the Soviet defeat of Nazi Germany.
The West was preparing for the invasion of our land, including Crimea, Putin reportedly said without providing evidence, according to media reports. He reportedly added that NATO was creating threats at Russia's borders.
In the US, the S&P 500 ended below 4,000 for the first time since late March 2021 and the Nasdaq dropped more than 4% on Monday in a selloff led by mega-cap growth shares as investors grew more concerned about rising interest rates.
Stocks in Spotlight:
Sun Pharmaceutical Industries fell 3.48% to Rs 854.50 after the US FDA issued a Form-483 with 10 observations post the conclusion of the inspection of its Halol facility. The Gujarat-based facility of Sun Pharma was inspected by the United States Food and Drug Administration (US FDA) from 26 April to 9 May 2022.
JSW Steel declined 2.95% to Rs 659. The steel maker's standalone crude steel production for the month of April 2022 grew 22% year on year to 16.67 lakh tonnes as against 13.71 lakh tonnes in April 2021.
Cipla shed 0.73% to Rs 930.75. The company has announced the commercialisation of 'RT-Direct' multiplex COVID-19 RT PCR test kit in India, in partnership with Genes2Me. With this Cipla is expanding its diagnostics offering to bring more advance and innovative products.
HCL Technologies added 0.59% to Rs 1082.10. The IT major announced a strategic partnership with Syniti. This collaboration with Syniti, a global leader in enterprise data management that combines AI-driven software and data expertise, will help develop industry-specific data solutions and deliver higher quality SAP S/4HANA transformations.
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