After opening at fresh record highs, equities have given up all of their gains as banks lost steam on Tuesday morning. The Bank Nifty is down almost one fifth of a percent, while pharma, metals and energy are trading in the red. The Nifty Midcap index has also erased all of its gains, with the index trading over one-tenth of a percent lower. IT sector is leading the gains as a weak rupee is boosting stocks in this space. Auto indices are also trading in the green. Among stocks, Jet Airways is down over 2 percent after Moneycontrol reported that MCA is probing the airline on suspicion of siphoning off of funds, while Vadilal Industries is down 7 percent after ace investor Ashish Kacholia offloaded some stake in the firm.
Equities are off to a record high start, following the rally on Monday. There is buying seen among all sectors, with banks being one of the top gainers. This is followed by IT, auto, pharamceuticals and metals, among others. The midcap index is also trading in the green.
The Sensex is up 77.31 points or 0.20% at 38356.06, while the Nifty is up 26.70 points or 0.23% at 11578.50. The market breadth is positive as 405 shares advanced, against a decline of 140 shares , while 51 shares are unchanged.
Among stocks, ONGC, Vedanta, HCL Tech and Tech Mahindra are the top gainers, while Airtel, Power Grid, and ICICI Bank are the top losers.
Missed call
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