In a steep volatile trade, the Indian markets on Tuesday gave up the gains and trading a flat to swing between red and green. The BSE Sensex has shed around 900 points from day’s high and the Nifty falls below the 17100-level intraday today. The decline was mainly led by metal and auto stocks. 

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At around 12:13 pm, the BSE Sensex is up 28 points or 0.05 per cent to 57288.76, while the Nifty50 up 3 points or 0.02 per cent to 17057-level. The broader markets have outperformed benchmarks as mid and small-cap each gained around 1 per cent intraday on Tuesday. 

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Nifty Bank, led by Axis Bank, surged around 100 points or half a per cent to reclaim the 36000-level. The banking index is one of the key contributors to the Nifty50 index. 

As many as 27 stocks are in the green, while 22 are in red and one remained unchanged on the Nifty50. Power Grid jumped most by around 3 per cent, followed by Axis Bank, Cipla, Shree Cement, SBI Life, Bajaj Finserv, Tech Mahindra each up over 1 per cent intraday today. 

On the other hand, Adani Ports slipped most by around 2 per cent, followed by Kotak Bank, Hero Moto, Coal India, HDFC, ONGC and Tata Steel each down by over 1 per cent intraday trade. 

The majority of the sectoral indices are in the green, except for metal down marginally by 0.17 per cent. While the Nifty IT is aiding the market most to surge. Similarly, the Nifty Realty and the Nifty Media are fuelling the surge in the broader markets intraday today. 

According to Gaurav Garg, Head of Research, Capitalvia Global Research Ltd, “There will be some cautiousness as Omicron variant of covid-19 adds new uncertainties to the global economic outlook. Support may come as India ratings expects the economy to grow 8.3 percent in Q2 and close the year with 9.4 percent in FY22.” 

“Reaction in aviation industry stocks may be seen as the government said investments worth Rs. 91,000 crores will be made for developing existing and new airports in different parts of the nation.” 

Our research suggests that the levels of 16800-16900 may act as an important support level in the market. we can expect it to trade in the range of 16800-17400, Garg said in his mid-market note. 

(Disclaimer: The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)