The domestic benchmarks closed marginally higher in choppy trade on Tuesday, ending a three-session losing streak, led by gains in auto, metal, pharma, PSU bank stocks. The market swung between gains and losses as sustained selling by foreign institutional investors was offset by bargain hunting by domestic investors. The caution prevailed in the market ahead of the Reserve Bank of India's policy outcome due on Wednesday.

Snapping three session losing streak, the BSE Sensex closed 187 points, or 0.33%, higher at 57,808, and the NSE Nifty rose 53 points, or 0.31%, to settle at 17,267.

Bucking the trend, the broader markets ended in negative terrain. The S&P BSE Midcap index fell 0.45%, and the S&P BSE Smallcap index dropped 1.4%.

The overall market breadth on the BSE was also negative, with 2,355 shares declining out of total 3,677 traded stocks. Out of the total shares, 1,212 shares advanced and 111 were unchanged.

Top gainers and losers

Out of the top 30 shares on the BSE Sensex pack, 19 index heavyweights closed higher, while the remaining stocks settled in negative terrain. The top gainer on the BSE Sensex pack was steel maker Tata Steel, which ended 3.1% higher. Some of the other top performers include Bajaj Finance, Bajaj Finserv, Reliance Industries, Titan Company, which rose up to 2%.

On the losing side, the state-run Power Grid Corporation of India topped the chart by falling 1.66%. The other top laggards include Tata Consultancy Services, UltraTech Cement, Tech Mahindra, and Kotak Mahindra Bank, which dropped up to 1%.

Metal, bank sectors lead gain; power, capital goods fall

The market witnessed broad-based selling with all sectoral indices, barring auto, metal, pharma, bank, ending in negative terrain.

The BSE metal index was the biggest gainer on the BSE by rising 1%, led by Tata Steel, JSW Steel, Vedanta, Hindalco Industries, and Jindal Steel & Power. The metal sector was followed by the BSE bankex index, which closed 0.16% higher. The top gainers in banking sectors include Bank of Baroda, Axis Bank, ICICI Bank, and IndusInd Bank.

On the flip side, the BSE power and capital goods indices emerged as the worst performers by falling 2.8% and 1.07%, respectively.

Global stocks mostly higher ahead of U.S. inflation data

Shares in the Asia-Pacific region and in the European market traded mostly higher as investors awaited key U.S. inflation data later in the week. The global equities rebounded despite negative finish at Wall Street overnight, as traders resorted to bargain hunting after the recent big sell-off.

In the Asia-Pacific region, Japan’s Nikkei 225 rose 0.1%, while South Korea’s KOSPI ended marginally higher. The Straits Times in Singapore and Australia’s ASX 200 index rallied over 1% each.

Taiwan Weighted Stock Index climbed 0.4%, while China’s Shanghai Composite settled 0.67% higher.

Bucking the trend, Hong Kong’s Hang Seng index dropped 1%, and the Jakarta Stock Exchange in Indonesia fell 0.23%.

In European markets, most of the stocks traded higher on ECB President’s comment that there are lesser chances of a measurable tightening of monetary policy. Germany’s DAX gained 0.38% in early deals, while France’s CAC index rose 0.6%. The U.K.’s FTSE 100 index added 0.4%, while Spain’s IBEX index surged 1.25% in early deals.

On Wall Street, the major U.S. indices closed lower as investors digested recent quarterly earnings from Facebook owner Meta and e-commerce giant Amazon, while caution prevailed in the market ahead of inflation data. In the volatile trade, the Dow Jones Industrial Average ended flat, the S&P 500 dropped 0.37%, and the Nasdaq Composite fell 0.58%.

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