Sensex, Nifty start on tepid note; UltraTech Cement top gainer

Exchange data showed that foreign institutional investors bought equities worth Rs 615.17 crore on a net basis on Monday.

Mumbai: Equity benchmarks Sensex and Nifty opened on a cautious note on Tuesday as market participants preferred to book profits at higher levels after an eight-session market rally.

After opening on a negative note, the 30-share BSE index was trading 12.17 points or 0.03 per cent higher at 40,605.97, and the broader NSE Nifty rose 4.40 points or 0.04 per cent to 11,935.35.

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UltraTech Cement was the top gainer in the Sensex pack, rising around 3 per cent, followed by Bharti Airtel, Asian Paints, Titan, ITC, Kotak Bank and L&T.

On the other hand, ICICI Bank, IndusInd Bank, SBI, Axis Bank and Bajaj Finserv were among the laggards.

In the previous session, Sensex closed 84.31 points or 0.21 per cent higher at 40,593.80, while Nifty rose 16.75 points or 0.14 per cent to close at 11,930.95.

Exchange data showed that foreign institutional investors bought equities worth Rs 615.17 crore on a net basis on Monday.

“The recent recovery in the market was led by expectations of fiscal stimulus from the government, which has failed to cheer the market sentiments. We expect the market to consolidate with downward pressure for next few sessions,” said Arjun Mahajan, Head – Institutional Business at Reliance Securities.

On the global front, bourses in Shanghai and Seoul were trading on a negative note in mid-session deals, while Tokyo was in the positive territory. Stock exchanges in Hong Kong were closed for a holiday.

Meanwhile, US equities extended their gains in the overnight session mainly led by healthy buying in select technology stocks and growing expectations about higher fiscal stimulus post election, he noted.

International oil benchmark Brent crude was trading 0.07 per cent higher at USD 41.75 per barrel.