Banks drag Nifty down, Sensex loses initial gains
Mixed trading led to Sensex and Nifty turn choppy on Tuesday. While at 9.30 AM the BSE Sensex was trading 0.08 per cent higher at 32,298 it soon lost initial steam and reversed gains. Sensex dropped below 32,200 by 10 AM.
Banks dragged Nifty down with the index testing the 10,000 mark. Nifty Bank was down over 1.2 per cent from opening high. HDFC Bank, HDFC, Kotak Bank, ICICI Bank, SBI dragged the Nifty down while Nifty Midcap Index traded at a lifetime high. Hindustan Unilever touched record high after crossing 1,200 for the first time. HUL stocks were up 46 per cent. HUL has added 83,000 crore in midcap this year alone.
Markets were shaky due to banks underperforming while metals lead the market to high in the opening trade. Tata Steel and Hindalco emerged major index gainers in the opening session. The rupee opened at 63.77 against the US dollar against Monday's close of 63.79.