The stock market erased morning gains and closed lower on Tuesday due to profit-booking in metal, oil & gas and PSU stocks. European markets, which opened lower, also weighed on domestic shares.

The Nifty Bank index snapped its longest winning run in two years amid weakness in broader market and profit selling. Nifty Bank index closed lower by 0.21%, HDFC Bank and Kotak Bank were the top losers on Bank Nifty index, down by 1%, while Canara Bank and Axis Bank advanced by 2% each.

NSE Nifty closed with a loss of 15 points at 8,398, while BSE Sensex ended with a loss of 53 points at 27,236.

On the global front, Asian stocks closed on a mixed note. Hong Kong’s Hang Seng advanced 0.54%, China’s Shanghai Composite ended marginally up, while Japan’s Nikkei slipped 1.5%.

All European markets were trading in red ahead of UK Prime Minister Theresa May’s speech later today. May is likely to provide details on the UK’s exit from the European Union. Germany’s DAX decreased 83 points or 0.7% to 11,472, France’s CAC decreased 0.54% to 4,856 and UK’s FTSE 100 decreased 0.33% to 7,303.

Reliance Industries tanked 3.3% on the BSE. The company reported a 4% rise in its third quarter net profit after a dip in refinery margins was offset by robust petrochemical earnings. The consolidated net profit of Rs 7,506 crore in October-December quarter, was 3.6% higher than Rs 7,245 crore in the same period quarter a year ago.

NIIT Technologies slipped 2.2% after the company reported consolidated results for the quarter which were largely in-line with street estimates. Its revenue for the quarter came in 0.2% higher than the estimated figure of Rs 692.5 crore. EBITDA for the quarter came in 3.8% higher than the estimated figure of Rs112 crore.

Tata Global Beverages stocks closed flat at Rs 128. The company intends to divest its stake in its joint venture, Zhejiang Tata Tea Extraction.

Hindustan Zinc slipped 1% after the company posted 44% jump sequentially in mined metal production for December quarter.

Logistics stocks closed higher on Tuesday. The government has finally rolled out the date for the long awaited GST implementation, which has now been extended to July 1, 2017. FM Arun Jaitley has informed during a press meet on Monday that the draft of integrated GST and IGST, taxes that will be levied by Centre, SGST and CGST will be finalised in their next meeting on February 18, 2017. Logistics stocks such as Snowman Logistics, Shreyas Shipping & Logistics, Patel Integrated Logistics, Allcargo Logistics, GATI and Aegis Logistics are up by more than 1%.

The rupee was trading up by 14 paise at 67.96 per US dollar.

At close, the market breadth was skewed in favour of the bears. About 752 stocks declined, 682 advanced and 68 remained unchanged on the NSE.

Top 5 Nifty Gainers: NTPC (3.05%), Asian Paints (2.70%), Axis Bank (1.69%), Hero Motocorp (1.63%) and Hind. Unilever (1.52%).

Top 5 Nifty Losers: Reliance Ind. (-3.53%), Coal India (-2.14%), Adani Ports & Sez (-1.68%), ONGC (-1.44%) and HDFC (-1.13%)

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Indian benchmark indices opened on a negative note taking weak cues from the Asian bourses this morning, but recovered in the late morning session itself and thereafter remained standstill throughout the session.

NSE Nifty closed at 8417.15 up 16.80 points, while BSE Sensex closed at 27302.64 up 64.58 points.

LIC Housing Finance reported increase in revenue by Rs 71.48 cr or 2.07%. Its net profit increased by Rs 4.5 cr or 0.91%.

HIL Ltd, a small-cap cement and cement product manufacturer has announced its Q3FY17 results on January 16, 2017 where company posted a de-growth in revenues and a net loss on quarter on quarter basis.

Dewan Housing Finance Corporation Ltd. reported growth in its revenue and net profit by 9.18% and 5.22% respectively.

On the sectoral front, Realty sector remained positive throughout the day and closed making 1.1% gains, banks and financial services too rallied 1%.

Jewellery stocks were gaining in Monday’s trading session. Gitanjali Gems touched a high of Rs 73.50 per share, up by Rs 7.15 per share or 10.77%.

IT tumbled post heavy weight results and ahead of HCL TECH results. Nifty FMCG and Nifty IT closed flat to negative while all other sectors ended in green.

Nifty Pharma closed losing 0.26%. Pharma giants remained under pressure of scrutiny of their business by US government. Sun Pharma was the top loser which pulled down the Pharma index in Monday’s trading session.

The rupee was trading at 68.10 against the US dollar.

Broader markets outperformed that encouraged market breadth to remain positive with 1562 advances and 1218 declines.

Top 5 Nifty Gainers: Tata Steel (2.73%), Tata Motors (2.36%), Adani Ports & Sez (2.28%), SBI (2.17%) and Hero Motocorp (1.49%).

Top 5 Nifty Losers: Infosys Ltd. (-1.80%), Reliance Ind. (-1.36%), ONGC (-1.19%), Sun Pharma (-1.13%) and GAIL (-0.92%)

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The Indian stock markets closed little changed but gained for the third straight week led by a rally in bank stocks. The Sensex ended the little changed at 27,238 but advanced 1.9% for the week, While Nifty climb nearly 1.9% for the week, the 50-share index failed to hold on to the 8,450-mark.

NSE Nifty was down 6.85 points at 8400.35, while BSE Sensex closed down 9.10 points at 27238.06.

IT has tumbled badly, dragged down by TCS and Infosys plunging 3.3% and 2.1% respectively, post results’ announcement. Auto follows with 0.9% downside, dragged down by the falling Tyre stocks.

On the other hand, the Financial Services sector remains up with 0.6% gains driven by Axis Bank and HDFC. Apart from Axis Bank and HDFC, GAIL and Auro Pharma are the top gainers; while TCS, Infosys, Hindalco and Tata Motors are the top losers for the Nifty.

SpiceJet hit their highest level in a month after company said  its purchase of 205 planes from Boeing Co will not add to their debt. The airliner’s stock was up 3%.

While shares of Infosys wiped the gains due to mixed Oct-Dec earnings, those of TCS were down 2% as changes at the top management and headwinds for the sector led to concern about growth.

GAIL is up by more than 2.15 % along with ONGC which is up by 2.01%. Reliance Industries is up by 0.82% trading at Rs 1092 per share. The other stock that is supporting the market in the first hour is HDFC, Coal India and Axis Bank.

Electrosteel Castings is having a good day on the Street. The stock of the company has opened in green; and as at 10.35 am is trading with gains of 5%. It has witnessed a spurt in volumes by more than 1.83 times.

The stock has witnessed a significant movement as the Government of India has granted a mining lease of 192.5 hectare in Jharkhand.

Axis Bank is trading at Rs 459.25 per share, up by Rs 4.05 per share or 0.89%. The stock opened today at Rs 457 per share and touched a high of 461.90, gaining Rs 6.70 per share or 1.47%. The stock has seen an addition of 1027 contracts or 2.94% to its Open Interest.

Kotak Mahindra Bank Limited is trading at Rs 732.80 per share, up by Rs 4.85 per share or 0.67%. The stock opened today at Rs 731.50 per share and touched a high of Rs 735.60 per share, gaining Rs 7.65 per share or 1.05%. The stock has seen an addition of 44 contracts or 0.29% to its Open Interest.

Short built up is being seen in the top two IT companies of India.

Infosys has seen an addition of 8813 contracts or 15.01% in its Open Interest. The stock is trading at Rs 992 per share, down by Rs 8.05 per share or 0.80%.

TCS has seen an addition of 5101 contracts or 14.37% in its Open Interest. The stock is trading at Rs 2289.15 per share, down by Rs 55.20 per share or 2.35%.

The rupee was trading at 68.23 against the US dollar.

Out of 1,908 stocks traded on the NSE, 859 declined,698 advanced and 351 remained unchanged today.

Top 5 Nifty Gainers: Axis Bank (3.41%), ITC Ltd. (2.11%), GAIL (2.04%), HDFC (1.67%) and Sun Pharma (0.96%).

Top 5 Nifty Losers: TCS (-4.02%), Infosys Ltd. (-2.87%), NTPC (-1.70%), Maruti Suzuki  (-1.65%) and Dr. Reddys Lab (-1.04%)

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