Indices recover from opening losses, NIFTY50 above 24,600 level, Sensex rises 140 points; Tata Steel top gainer

The Indian stock market opened flat down on Tuesday, August 12, amid weak global cues. The equity benchmark indices, however, recovered soon to trade positive as media and IT stocks rallied.

Nifty Media (1.09%) took the lead among sectors, followed by Nifty IT (0.83%) and Nifty Metal (0.59%), while Nifty Realty (-0.42%), Nifty Consumer Durables (-0.16%) and Nifty Private Bank (-0.13%) were the only losers.

The broader market was trading mixed, with Nifty Midcap 100 losing 0.04% and Nifty Smallcap 100 rising 0.16% in the early session.

According to exchange data, on Monday, the foreign institutional investors (FIIs) sold equities worth ₹1,202.65 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹5,972.36 crore worth of equities.

On the global front, stocks in Asia were trading mixed on Tuesday after Trump extended a trade truce with China for another 90 days. Japanese shares hit an all-time peak, jumping 2.76%.

Hong Kong's Hang Seng was down 0.13%, while the Shanghai Composite was trading up by 0.51%, and South Korea's KOSPI rose 0.31%.

On Wall Street, the main indices ended lower on Monday as investors anxiously await inflation data to assess the outlook for interest rates.

The Dow Jones Industrial Average slipped 200.52 points, or 0.45%, to end at 43,975.09; the S&P 500 fell 16.00 points, or 0.25%, to close at 6,373.45; and the Nasdaq Composite fell 64.62 points, or 0.3%, to settle at the 21,385.40 level.

As many as 2,455 stocks traded on the NSE during the early session, among which 1,723 were trading in the green, 661 were trading in the red, and 71 shares remained unchanged.

This indicates that the market's breadth was in favour of advances.

Meanwhile, 13 stocks hit their one-year highs in the early trade, while only 24 stocks touched their 52-week lows.

Further, 43 stocks also hit their lower circuits, while 15 stocks hit their upper circuits.

India VIX, the volatility gauge, was trading marginally lower by 0.02% at 12.22 levels.

Tata Steel was the most contributing stock, rising 1.31%, followed by Hero MotoCorp (1.26%), Wipro (1.19%), TCS (1.07%) and Reliance Industries (0.98%).

On the contrary, Eternal (-0.84%), Dr Reddy’s (-0.72%), Bajaj Finance (-0.63%), Hindalco Industries (-0.56%) and Bharat Electronics (-0.53%) were the top losers on the 50-share index.