Equity benchmarks clawed back a portion of their early losses on Tuesday as value buying picked up after a steep fall at the open. The Sensex rebounded nearly 450 points from its intraday low of 84,382.96, while the Nifty crossed the 25,900 mark, though both remained in the red. By 12:20 p.m., the Sensex was down 244.07 points, or 0.29%, at 84,858.62, and the Nifty was lower by 48.85 points, or 0.19%, at 25,911.70.
Among Nifty50 gainers, Titan Company, Shriram Finance and ETERNAL rose up to 2%, while Asian Paints and Mahindra & Mahindra were among the biggest losers, slipping as much as 4%.
Why the market trimmed losses:
- Crude prices eased: Brent crude dipped 0.21% to USD 62.36 a barrel, reducing concerns over India’s import bill and inflation, thereby lending support to equities.
- Value buying: After the Sensex and Nifty fell sharply at the open, investors began bargain-hunting, helping the indices recover.
- Broader market improvement: The Nifty Midcap100 and Smallcap100, which had plunged sharply from recent highs, pared losses by noon and turned positive, reinforcing sentiment and aiding the recovery in frontline indices.