Sensex gives up early morning gains; trades lower by 55 points intraday
Extending their gains for the sixth consecutive session, the benchmark Sensex advanced nearly 112 points and the NSE nifty reclaimed the 8,200-mark in early trade on Tuesday on sustained buying by investors and funds amid a firming trend on Asian bourses.
The 30-share barometer rose 111.60 points, or 0.41%, to 26,837.20. The gauge had gained 1,495.24 points in the previous five sessions.
However, at 10:47 hours, the Sensex was trading lower by 55.23 points, or 0.21%, to 26,670.37 on the Bombay Stock Exchange (BSE).
Stocks of auto, consumer durable, banking, FMCG and power sectors trading in the positive zone, have risen by up to 1.94%.
Also, the National Stock Exchange (NSE) Nifty was trading higher by 35.10 points, or 0.42%, at 8,213.60.
However, at 10:46 hours, the Nifty was trading lower by 15.75 points, or 0.19%, at 8,162.75 on the NSE.
Shares of Tata Motors led the rally by surging 8.30% to Rs 455.45 after the company on Monday posted a three-fold rise in its consolidated net profit at Rs 5,177.06 crore for the fourth quarter (Q4) ended March 31.
Brokers said sustained buying by retail investors and increased foreign funds inflow amid a firming trend at other Asian bourses influenced sentiment in India.
Encouraging fourth quarter earnings by some more companies too accelerated buying activity, they said.
In rest of Asia, Hong Kong's Hang Seng rose 1.06% while Japan's Nikkei edged up 0.49% in early trade on Tuesday. The Shanghai Composite Index gained 2.11%.
The US Dow Jones Industrial Average ended 0.25% higher in Monday's trade.