Indian markets erased all its earlier gains and slipped into red to settle slightly lower on Tuesday. At the close, the 30-share benchmark index, BSE Sensex ended flat with a decline of 18.37 points or 0.07% at 27,957.49, while the broad based NSE Nifty closed flat with a decline of 1.30 points or 0.02%, at 8,491.
Jayant Manglik, President-retail distribution, Religare Securities opined, 'Amid volatility, equity markets closed almost unchanged on last trading session of the financial year. In the first half, we saw benchmarks’ extending yesterday’s rebound but sudden dip in the last hours eliminated all the intraday gains. On the other hand, it was a mixed trading session for the sectoral indices, where oil&gas and healthcare managed to gain close a percent each while rest ended flat to marginally in red. We expect index to trade range bound on Wednesday as well; however, volatility would continue on stock specific front ahead of long weekend. Hence, we advise short term traders to hedge their leveraged trades, if they wish to carry them for the next week.'
Major gainers in the 30-share index were Tata Power Company (3.42%), G A I L (India) (2.37%), Dr Reddy's Laboratories (1.91%), Tata Motors (1.85%), Reliance Industries (1.77%), and Hindustan Unilever (1.25%).
On the other hand, Oil & Natural Gas Corporation (2.51%), Tata Steel (1.72%), Hindalco Industries (1.71%), Bharat Heavy Electricals (1.53%), H D F C Bank (1.32%), and Mahindra & Mahindra (1.06%) were the major losers in the Sensex.
The BSE Mid and small caps outperformed their larger counterparts gaining 0.31% and 0.88% respectively.
The Bankex index was at 20,865.31, down by 171.42 points or by 0.81%. The Capital Goods index was at 17,293, down by 84.35 points or by 0.49%. The IT index was at 11,404.12, down by 23.31 points or by 0.2%. On the other hand, the Oil & Gas index was at 9,311.95, up by 108.15 points or by 1.18%.