Indian benchmark indices ended with marginal gains on Tuesday, reflecting a cautious approach from investors wary of stocks being overvalued.
The Sensex closed 0.06% higher at 80,716.55, while the Nifty gained 0.11% to end at 24,613.
Though the benchmark advanced, nine of the 13 major sectoral indices dropped.
Coal India, BPCL, HUL, Tata Consumer Products, and Bharti Airtel were major gainers, while shares of Shriram Finance, Dr. Reddy’s Labs, Kotak Mahindra Bank, UltraTech Cement, and Reliance Industries declined the most.
“The domestic market failed to hold on to the opening gains due to investor concerns about current valuations and subdued expectations for Q1FY25 earnings. With the earnings season set to fully commence this week, investors are likely to gain a broader sectoral perspective,” said Vinod Nair, Head of Research at Geojit Financial Services.
“After an early morning intraday rally, the market witnessed some profit booking at higher levels. However, the short-term texture of the market is still positive,” added Shrikant Chouhan, Head of Equity Research at Kotak Securities.
The Indian stock market will remain closed on Wednesday due to Muharram.
(With ANI input)