Volatility struck the D-Street once again on Tuesday. The domestic key equity indices ended on a lower note, rising from its day’s lows. The NSE Nifty 50 closed the session 62.10 points or 0.27% at 22,897.40, while the BSE Sensex declined 130.68 points or 0.17% to end the day at 75,866.18.

In a pleasant surprise for market observers, FIIs were net buyers in trade today. They bought equities worth Rs 4786.56 crore in Indian markets (as per provisional numbers.) So far FIIs have sold equities worth over Rs 1 lakh crore in Indian markets this year.

The Nifty Consumer Durables and FMCG saw the deep cuts. The Nifty Consumer Durables closed the session at 1.36% lower while the Nifty FMCG ended at 0.88% lower.

The banking index, Nifty Bank declined 196.25 points or 0.40% to close at 49,062.65. Following the overall trend, the broader indices fell on Tuesday, the Nifty Midcap 100 finished 608.65 points, or 1.22%, lower at 49,241.20.

Sectoral Index

In the broader markets, small- and mid-cap stocks closed the day on a negative note. The volatility index India VIX cooled down 0.36% to 15.67 level. 

IndusInd Bank (2.49%) was the major loser in the Nifty 50, followed by Trent (2.17%), BEL (1.89%), UltraTech Cement (1.80%), and M&M (1.80%). Meanwhile, NTPC, Tech Mahindra, Wipro, ONGC, and Apollo Hospitals were the top five gainers in the Nifty 50.

“The index has formed a high wave candle with a long lower shadow, indicating buying interest around the January lows. Over the last two sessions, it has been consolidating within a broad range of 22,700–23,000. If the index breaks above 23,000, it could lead to a pullback towards the 20-day EMA, which is around 23,230. However, if it falls below 22,700, it would suggest further downside towards the 22,500,” said Bajaj Broking.