NEW DELHI: Domestic benchmark equity indices opened in the green on Tuesday, but could not sustain at higher levels and witnessed profit booking. However, it made smart recovery towards the fag end of the session, recouping over half of the losses.
IT and realty stocks were among the biggest drags. Respective Nifty indices fell 2-3 per cent. On the other hand, PSU bank, power, oil & gas and metal indices ended in the green.
“Markets are likely to consolidate at higher levels given the sharp run-up in the past few weeks. Markets are increasingly witnessing rotation from outperforming sectors to under-valued stocks,” said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services.
Here are the key gainers and losers of the day:
NTPC: The thermal power giant continued to gain for another day, rising 4 per cent. The company has recently bagged 1.9 GW solar projects from the government, improving the outlook on the stock.
Oil India, HPCL: Both energy companies were darlings of the investors as they see it as a beneficiary of rising crude oil prices that topped $80 level. They climbed 6 per cent and 5 per cent, respectively.
Inox Leisure: The theatre stock extended the gains, rising another 2 per cent. The outlook for PVR and INox Leisure has improved after the Maharashtra government said it will lift the an on theatres from October 22.
EIH: The Oberoi group stock, which saw a lot of buying the previous session, saw massive profit booking. The counter tanked nearly 10 per cent. However, the outlook for the hotel industry remains positive.
Zee Entertainment: Shares of the media company slumped over 4 per cent amid uncertainty over its CEO’s future. The largest shareholder of the company, Invesco is still keen on his removal despite a merger announcement with Sony.
Oberoi Realty, Prestige Estate Projects: After five days of non-stop rally, real estate stocks were under pressure. The counters fell 7 and 5 per cent, respectively.Internet Explorer Channel Network