Sensex, Nifty snap 3-day winning run; Fusion tanks 9%; Neuland Labs jumps 14%

Domestic equity markets rebounded from the early losses but ended flat for the day. Headline indices dipped in the early sesison but settled mostly flat, marginally lower. Weakness in the Asian market led to profit booking at the Dalal Street, as traders remained cautious for the day,

For the day, the 30-share pack BSE Sensex dropped 16.29 points, or 0.03 per cent, to end at 64,942.40. NSE's Nifty50 shed merely 5.05 points, or 0.03 per cent, to end the day at 19,406.70. Broader markets outperformed the headline indices as BSE midcap and smallcap indices added up half a per cent. Fear gauge India VIX rose about a per cent to end the day at 11.19-level.

Profit taking in select stocks ended the 3-day rally as key indices ended marginally lower in a sluggish trading session. Due to weakness in Asian and European markets, investors traded with caution back home even as crude oil prices declined further. The fall was quite sharp in early trades, but markets pared losses and languished in negative territory thereafter, said Prashanth Tapse, Sr VP Research at Mehta Equities.

On a sectoral front, the Nifty realty index dropped more than a per cent, while the Nifty media index share more than half a per cent. The Nifty auto and consumer durable indices were the only laggards. Among the gainers, Nifty pharma and healthcare indices added about a per cent each, followed by the Nifty oil & gas index.

In the Nifty50 pack, Hero MotoCorp, Bajaj FInance, JSW Steel, Divis Laboratories, Reliance Industries and Mahindra & Mahindra shed about a per cent each. Among the gainers, Sun Pharmaceuticals, Bharat Petroleum and NTPC gained 2 per cent each. Dr Reddy's Laboratories, IndusInd Bank, Cipla, State Bank of India and Axis Bank added a per cent each.

The market witnessed some resistance at higher levels as caution prevails due to the start of the key state elections, and further negative global cues on account of a more than expected fall in Chinese exports, highlighting a continued slowdown in global trade, said Vinod Nair, Head of Research at Geojit Financial Services.

"Despite the extension of supply cuts by Saudi Arabia and Russia, crude oil prices moderated, a positive for India in the midst of geopolitical tension. This, along with the moderation in US bond yields and the positive ongoing earnings season, will support long-term returns," he said.

A total of 3,813 shares were traded on BSE on Tuesday, of which 1,997 settled with gains. 1,682 stocks ended the session with gains while 144 shares remained unchanged. During the day, 304 shares hit their upper circuit, whereas 178 shares tested the lower circuit levels for the day.

In the broader markets, Texmaco Infrastructure and Holdings gained more than 16 per cent, while Jaiprakash Power Ventures and Neuland Laboratories gained 14 per cent each. Bliss GVS Pharma and Seamec gained 13 per cent each, while Dhanuka Agritech ended 11 per cent each. Apollo Micro Systems hit an upper circuit of 20 per cent for the day.

Among the laggards, Som Distilleries and Breweries tanked more than 10 per cent, while Fusion Micro Finance and Monte Carlo Fashions shed 9 per cent for the day each. Radiant Cash Management Services ended 8 per cent for the day, while Camlin Fine Sciences and Jubilant Industries ended 7 per cent down each.

Also Read: ESAF Small Finance Bank booked 15.7x; issue closes for bidding today