Sensex, Nifty settle higher; Gokaldas Exports, IPL zoom up to 20%

Domestic equity markets managed to settle higher on Tuesday, following a choppy trade during the session. However, the selling pressure in heavyweights kept the benchmark indices range-bound and gains were capped amid muted cues from the Asian markets. Traders are awaiting for clearer cues to take any decisive position.

For the day, the 30-share pack BSE Sensex added 79.22 points, or 0.12 per cent, to settle at 65,075.82, while NSE's Nifty gained 36.60 points, or 0.19 per cent, to close at 19,342.65. Broader markets outperformed the headline peers as the BSE midcap and smallcap smallcap indices gained up to  half a per cent each. Fear gauge India VIX eased more than a per cent to 12.23-level.

Markets were extremely range-bound due to lack of investors' participation amid sluggish Asian market cues. Currently, there are no fresh positive triggers to recharge the markets, hence investors are preferring to take selective bets. Also, FIIs taking out money from local shares has prompted traders to stay cautious, said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.

"Technically, the market is witnessing a positive consolidation near the 50-Day SMA. For bulls now, the fresh uptrend rally is possible only after the dismissal of 19,380. Above which, the index could rally till 19,440-19,480. On the flip side, below 19,280, the sentiment could change and the market could slip till 19,250-19,225," he said.

On a sectoral front, the Nifty realty index surged about 2 per cent, while the metal index gained more than a per cent. The Nifty media, auto and consumer durable indices were among the other key gainers. On the contrary, the Nifty FMCG, healthcare and pharma indices settled in red.

In the Nifty50 pack, Jio Financial Services hit an upper circuit of 5 per cent, while UPL and Hindalco gained more than 2 per cent each. Tata Steel, Hero MotoCorp, Adani Ports, Tech Mahindra and Bajaj Auto were among the other top gainers for the day.

Among the losers, Bharti Airtel plunged about 2 per cent, followed by Hindustan Unilever, which dropped more than a per cent each. Reliance Industries, Dr Reddy's Labs, Axis Bank and Apollo Hospital Enterprises were among the losers for the day.

The buoyancy of the global market in anticipation of no further Fed rate hikes, due to subdued economic data, was noticeable in the Indian market as well. However, heavyweight stocks were muted compared to the sector-wise and mid & small-cap upsides, said Vinod Nair, Head of Research at Geojit Financial Services.

"Meanwhile, the metals sector rallied in anticipation of further green shoots from the Chinese government and central banks, aimed at improving the local economy. The benefits from festival demand were evident in sectors such as consumer durables, manufacturing, power, and real estate," he added.

A total of 3,748 shares were traded on BSE on Tuesday, of which 2,074 settled with gains. 1,519 stocks ended the session with cuts while 155 shares remained unchanged. A total of 286 shares hit their upper circuit, whereas 182 shares tested the lower circuit levels for the day.

In the broader markets, Gokaldas Exports hit an upper circuit of 20 per cent, while India Pesticides surged more than 19 per cent. Tamilnadu Petroproducts surged about 15 per cent, while BEML and Himadri Speciality Chemicals ended 13 per cent higher. Meghmani Finechem, Vaibhav Global and DCX India rose 12 per cent each for the day.

Among the losers, Steel Exchange India tumbled 9 per cent, while Titagarh Rail Systems plunged 7 per cent. DB Realty and Union Bank of India declined 6 per cent each, while Jaiprakash Associates, Dodla Dairy, Texmaco Rail & Engineering and Jupiter Wagons tumbled 5 per cent each for the day.