Market indices shed early gains, yet close higher

Nifty50 added 23.60 points or 0.11% to settle at 24,613

MUMBAI: The stock market indices hit record peaks intraday but shed earlier gains to close lower on Tuesday. However, they still ended higher compared to the previous day’s closing. The NSE Nifty50 added 23.60 points or 0.11 per cent to settle at 24,613, while the BSE Sensex concluded the day with a gain of 51.69 points or 0.6 per cent at 80,715.55.

Broader indices showed a mixed performance: LargeCap and MidCap stocks ended higher, while SmallCap stocks closed lower. FMCG and Realty sectors outperformed others, whereas Media and Pharma sectors saw losses. Notable gainers on the bourses included Coal India, BPCL, Hindustan Unilever, Tata Consumer Products, and Bharti Airtel.

Bajaj Auto, a major auto player, reported a 19 per cent profit increase in the April-June quarter of FY24, with its stock initially gaining 2% in intra-day trade to Rs9,909 per share but closing at Rs9,693. Meanwhile, TCS saw brisk buying, closing at Rs1,716.05, up by 1.11 per cent.

According to the research chief of a leading broking firm, “Though the market opened bullish, it failed to retain the trend as investors are nervous about the flood of Q1 figures expected this week.”