Millennium Post

Market ends flat after 2-day rally; financial stocks check rise

Market ends flat after 2-day rally; financial stocks check rise

Mumbai: Benchmark stock gauges Sensex and Nifty ended on a flat note on Tuesday as investors scrambled to book profits after a stellar two-day rally.

After gyrating 393 points during the day, the 30-share index ended 7.11 points or 0.02 per cent higher, at 39,097.14.

While, the broader NSE Nifty settled with a marginal gain of 12 points, or 0.10 per cent, at 11,588.20.

On the Sensex chart, major laggards were SBI, Axis Bank, L&T, Hero MotoCorp, Asian Paints, ONGC, Tata Steel and Bajaj Finance -- dropping up to 3.56 per cent.

Among the top gainers were Infosys, RIL, TechM, Tata Motors, Maruti, PowerGrid, HCL Tech, TCS and Yes Bank -- rising up to 3.78 per cent.

According to traders, benchmark indices took a breather after a two-day rally as participants booked profits at higher levels.

In the past two days, Sensex zoomed 2,996.56 points, or 8.30 per cent; while the 50-share Nifty soared 895.40 points or 8.36 per cent.

Domestic equity markets cheered Finance Minister Nirmala Sitharaman delivering a surprise cut in corporate tax rates last week.

Meanwhile, the rupee was quoted 8 paise lower at 71.02 against the US dollar in intra-day trade on Tuesday.

Brent crude futures fell 0.79 per cent to USD 63.77 per barrel (intra-day).

In Asian stock markets, Hang Seng, Shanghai Composite Index, Nikkei and Kospi ended on a positive note.

Stock exchanges in Europe were trading in the green in their respective early sessions.



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