CHENNAI: Indian equity benchmarks opened on a positive note on Tuesday but quickly reversed gains as markets remained trapped in a consolidation phase ahead of key macroeconomic cues and political developments.
Headline Indices
BSE Sensex opened over 200 points higher but dipped to 81,207, down 166 points or 0.20% by 9:25 AM.
Nifty50 mirrored the trend, opening ~70 points up but slipping to 24,658, down 59 points or 0.24%.
Top Nifty Losers
Adani Enterprises lost 2%, pressured by reports from The Wall Street Journal that US prosecutors are investigating alleged use of Mundra Port for importing Iranian LPG.
Adani Ports, Adani Power, and other Adani Group stocks followed suit, extending losses.
Other notable laggards included Bajaj Finance, ICICI Bank, SBI Life, Bharti Airtel, HDFC Life, HUL, Tata Consumer, Maruti Suzuki.
Top Gainers
Shriram Finance, Eicher Motors, Tata Steel, ONGC, M&M, Hindalco showed resilience.
Jindal Stainless gained about 1% after announcing its acquisition of an SPV to generate 282 MW of hybrid renewable energy for its operations.
Broader Market Performance
Nifty MidCap 100 rises 0.31%, and Nifty SmallCap100 moved up 0.64%
Broader indices outperformed headline benchmarks, driven by selective buying in industrial and metals stocks.
Sectoral Snapshot
Nifty Bank hit a record high of 56,161 in early trade, breaching its prior peak of 56,098.70. However, the index later slipped due to profit booking.
Nifty Metal, Nifty Realty, Nifty PSU Bank were the gainers today in the opening, and the laggard was Nifty Private Bank.
IPO Watch
New listings scheduled today are Prostarm Info (Mainboard), Nikita Papers, Blue Water, and Astonea Labs (SME segment). While, 3B Films IPO sees its final subscription day today.
Market Outlook
While initial enthusiasm drove early gains, the indices are reacting to global risk factors and stock-specific developments. The pressure from negative news flow around the Adani Group, along with sectoral rotation, continues to guide near-term sentiment. Traders may remain cautious ahead of further political clarity post-election and upcoming RBI policy decisions.