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Mumbai: Indian stock markets remained in a limited range on Tuesday and finally closed with a recovery amid the negative environment of increasing geopolitical unrest in the Middle East and on the other hand, strong possibility of interest rate cut by the US Federal Reserve. Indian markets are seen in positive territory after strong indications of interest rate cut by US Federal Reserve Chairman Jerome Powell last week, but Indian markets are seen in positive territory amid news of increasing war between Israel-Lebanon and Ukraine-Russia and different estimates of the country's economic growth rate at present. In view of the cut by agencies in the financial year, investors are adopting a wait and watch policy.
Further rise in crude oil prices has also added to the concerns. The BSE Sensex traded between a low of 81,600.51 and a high of 81,919.11, finally closing at 81,711.76, up 13.65. The Nifty 50 index rose 7.15% to 25017 and inched close to its all-time high. The Nifty hit a low of 24973.65 while a high of 25073.10. Intraday, the Nifty touched an all-time high of 25078.30. The market sentiment on the BSE remained positive. 2150 stocks witnessed an increase in price while 1812 witnessed a decline in price. Prices of 89 stocks remained unchanged.
Shares of prominent steel companies on the NSE were trading lower on profit-booking at higher levels. JSW Steel fell Rs 19.50 to Rs 944, Jindal Steel fell Rs 16.80 to Rs 968.80, SAIL fell Rs 1.85 to Rs 135.90 and Tata Steel fell Rs 1 to Rs 154.70. Selling was witnessed in steel stocks on expectations that domestic steel prices will remain under pressure due to rise in steel imports, which will impact the company's results in the current quarter.
Pharma stocks are trending higher as safe havens amid the possibility of war escalating in the Middle East. Nifty Pharma index gained 174 points. Cipla rose Rs 4.10 to Rs 1598.05, Zydus Life rose Rs 5.80 to Rs 1114.25, Sun Pharma rose Rs 16.95 to Rs 1789.40 and Lupin rose Rs 55.35 to Rs 2171.55. Biocon was marginally soft. Media stocks sentiment improved after Zee and Sony signed a comprehensive non-cash agreement to resolve all disputes related to the merger. Zee Entertainment rose Rs 15.63 to Rs 150.83, Dish TV rose 60 paise to Rs 15.47, Sun TV rose Rs 20.90 to Rs 813.05, Network 18 rose Rs 2.08 to Rs 97.78.
FIIs/FPIs and DIIs waited face to face in the Indian stock market on Tuesday. Domestic investors were net sellers while foreign investors were buyers. FIIs/FPIs bought equities worth Rs 15002.15 crore and made net purchases of Rs 1503.76 crore while selling Rs 13498.39 crore. DIIs bought equities worth Rs 12159.60 crore and made net sales of Rs 604.08 crore while selling Rs 12763.68 crore.
