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Market has recovered from its day's low due to buying interest witnessed in banking and financial stocks and index heavyweights such as Tata Motors. HDFC, SBI, Reliance and HDFC bank were the key gainers from financial heavyweights.
Key indices however continued the weak trend while broader markets recovered and are currently trading in green zone. The 30-share BSE index was trading at 21,117 levels down 129 points or 0.61% while Nifty index was down almost 28 points at 6,290 levels.
In the broader markets, the mid and small-cap indices were up between 0.6-0.7%, largely outperforming key indices.
Meanwhile, activity in the services sector, which occupies the largest share in the Indian economy, deteriorated moderately in October, according to the widely-tracked HSBC Purchasing Managers' Index (PMI) released today.
The services PMI continued to contract for fourth time in a row in October and stood at 47.1 points from 44.6 points in September, when it was the lowest since March 2009.
At 12:58pm, the rupee was trading at Rs 61.72 compared with Friday's close of Rs 61.74 per dollar.
Goldman Sachs on Tuesday changed its stance on India in a report titled "Modi-fying Our View: Raise India to Market Weight". One only hopes that the market's enchantment with Modi is shared by the country's electorate as well, or else the sentiment could turn for the worse as it had in May 2004 when the UPA coalition came to power with the socialist parties
Stocks in Asia were trading mixed on Tuesday with China's Shanghai Composite down 0.1%, Nikkei was flat and Hang Seng was down 0.3%. Straits Times was one of the exceptions, up 0.3%.
Back home, on the sectoral front, Realty, PSU, Banks, auto, power and oil & gas index were the gainers with Realty up over 1%.
BSE FMCG index is down more than 2% and is the worst sectoral performer; other major losers are Healthcare and consumer durables which are down 1%.
Power Grid down 3.3%, ITC loses 2.9%, Sun Pharma falls 2.7% are the biggest Nifty losers.
ITC, down 3%, is the top Sensex loser. The only gainers among the Sensex-30 were Coal India and Tata Motors up 1.5% each. HDFC, Cipla and RIL gained 0.3-0.6%.
On the losing side were ITC down 3.5% followed by SSLT, Sun Pharma, TCS, BHEL, Bharti Airtel, ONGC, SBI, Dr Reddys Lab, Wipro, Hindustan Unilever, Bajaj Auto, ICICI Bank and Gail India down 1-2%.
The market breadth was very weak. 1020 stocks declined while 1078 stocks advanced on the BSE.
