Market Ends Flat After 2-day Rally, Financial Stocks Check Rise

Mumbai: Benchmark stock gauges Sensex and Nifty ended on a flat note on Tuesday as investors scrambled to book profits after a stellar two-day rally.

After gyrating 393 points during the day, the 30-share index ended 7.11 points or 0.02 per cent higher, at 39,097.14.

While, the broader NSE Nifty settled with a marginal gain of 12 points, or 0.10 per cent, at 11,588.20.

On the Sensex chart, major laggards were SBI, Axis Bank, L&T, Hero MotoCorp, Asian Paints, ONGC, Tata Steel and Bajaj Finance dropping up to 3.56 per cent.

Among the top gainers were Infosys, RIL, TechM, Tata Motors, Maruti, PowerGrid, HCL Tech, TCS and Yes Bank rising up to 3.78 per cent.

According to traders, benchmark indices took a breather after a two-day rally as participants booked profits at higher levels.

In the past two days, Sensex zoomed 2,996.56 points, or 8.30 per cent; while the 50-share Nifty soared 895.40 points or 8.36 per cent.

Domestic equity markets cheered Finance Minister Nirmala Sitharaman delivering a surprise cut in corporate tax rates last week.

Meanwhile, the rupee was quoted 8 paise lower at 71.02 against the US dollar in intra-day trade on Tuesday.

Brent crude futures fell 0.79 per cent to USD 63.77 per barrel (intra-day). In Asian stock markets, Hang Seng, Shanghai Composite Index, Nikkei and Kospi ended on a positive note.

Stock exchanges in Europe were trading in the green in their respective early sessions.