Top gainers in the BSE pack included TechM, Titan, Tata Steel, Bajaj Finance, UltraTech Cements and SBI.New Delhi: Equity indices narrowed their early morning gains on Tuesday in a highly volatile trade.
The benchmark BSE Sensex rose55points or 0.09 per cent to 61,022in late morning deals; while the broader NSE Nifty moved 42 points or 0.23 per cent higher to 18,167.
Sensex has given up around 400 points from its day's high of 61,405.Top gainers in the BSE pack included Titan, Tata Steel, Bajaj Finance, UltraTech Cements and SBI with their shares rising as much as 2.53 per cent.
On the other hand IndusInd Bank, ICICI Bank, Hindustan Unilever and PowerGrid slipped as much as 1.46 per cent in late morning deals.On the NSE platform, except for Nifty Pharma and Private Bank, all other sub-indices were trading in green with Nifty Realty outperforming the index by climbing as much as 2.75 per cent.BSE smallcap and BSE midcap jumped as much as 1.44 per cent and 0.98 per cent respectively.Shares of Kotak Mahindra Bank surged as much as 2.74 per cent to Rs 2,219.50 after the lender reported a 23.76 per cent quarter-on-quarter rise -- at Rs 2,032.01 crore -- in its net profit for the July-September period of financial year 2021-22 (Q2 FY22).
The bank had posted a profit of Rs 1641.92 in Q1.Tech Mahindra's stock jumped as much as 1.91 per cent to Rs 1,553.80 after the lender reported a 25.75 per cent year-on-year jump in its net profit -- at Rs 1,338.7 crore -- for September quarter.
Shares of TechM, however,gave up some most of the early gains as it touched a 52-week high, up around 6 per cent to Rs 1,629.40, in intraday deals.Tyre maker Ceat Ltd fell as much as 2.92 per cent after the company reported a drop in net profit on higher input costs.Also Read: Ceat Shares Fall After Profit Declines In September Quarter"Markets thought inflation was transitory and margins will get adjusted with the volume growth.
But the issue will likely persist for one more quarter and the impact is visible in current earnings," Vinod Nair, Head of Research at Geojit Financial Services, told news agency Reuters.Some analysts also cautioned that a near 30 per cent gain in domestic benchmark indexes has heated up equity valuations and warned that markets could see a steep correction in certain pockets.Many top-tier companies including India's leading car maker Maruti Suzuki, Larsen andToubro (L-T) and cigarette maker ITC will report their earnings later this week.Meanwhile, foreign institutional investors (FIIs) were net sellers in the capital market, as they offloaded shares worth Rs 2,459.10 crore on Monday, as per exchange data.