Sensex falls 61 pts; PSU bank stocks jump, TCS tanks 5%
The broader BSE Midcap and Smallcap index registered decent gains on Tuesday.
In a volatile trade, BSE barometer Sensex saw a swing of over 354.36 points as it logged an intraday high and low of 34,077.32 and 33,722.96, respectively.
The 30-share index closed 61 points, or 0.18 per cent, down at 33,857. On the other hand, the NSE Nifty50 index closed just 5 points, or 0.05 per cent, up at 10,427.
The broader BSE Midcap and Smallcap index, however, registered decent gains and closed the day 1 per cent and 1.14 per cent up, respectively.
Equity market traded in the green in the first half of the session, buoyed by better-than-expected macroeconomic data released after market hours on Monday. However, the latter half of the day saw fresh spell of selling in select IT, FMCG and private bank counters.
PSU bank stocks including Bank of India, Andhra Bank, State Bank of India and Punjab National Bank hogged limelight during the trade.
Shares of Bank of India got traction on reports that the public lender had recovered Rs 7,000 crore of non-performing assets.
Shares of Punjab National Bank too bounced back from recent drubbing after it agreed to honour claims by other banks who issued credit to jeweller Nirav Modi and his uncle Mehul Choksi against guarantees given by PNB, ET reported.
Most of the oil refiners, including HPCL, BPCL and Reliance Industries, stood among the gainers following a decline in global crude oil prices.
With a loss of over 5 per cent, shares of Tata Consultancy Services settled at the bottom of the Sensex index. The scrip got a beating after Tata Sons sold a 1.48 per cent stake in the IT services firm to raise Rs 8,127 crore ($1.25 billion) to pare debt and invest in group firms across sectors such as auto and steel.
Kotak Mahindra Bank, Coal India, NTPC and Maruti Suzuki too stood among the losers of the day.
Global stocks were mixed after China said it was revamping its financial regulatory regime.