Mumbai: The BSE benchmark witnessed a consolidation pattern throughout the session on Tuesday, ahead of events in the eurozone. Nervousness in Asian markets spilled over to Indian equities and a bounce-back in European markets led to a recovery in the last hours of trade.
The 30-share BSE Sensex has seen a swing of 177 points, before closing up 6.92 points at 17,569.53.
The 50-share NSE Nifty rose just 5.15 points, to end at 5,289.35.
European markets were strong ahead of events like cabinet's emergency session in Greece, Italy PM's confidence vote and the meeting of European Union finance ministers. France's CAC, Germany's DAX and Britain's FTSE were up 1.2-1.6 per cent.
Greece PM George Papandreou agreed to step down to create a new unity government yesterday. There were reports that Italian PM Silvio Berlusconi may be forced to resign if he fails to win majority support in Tuesday’s vote on the 2010 budget report. France announced further budget savings of 7 billion euros in 2012 and 11.6 billion euros in 2013 to protect its AAA credit rating.
Back home, SBI helped the market to recoup its losses. The stock gained 1.7 per cent ahead of second quarter numbers on Wednesday.
Even heavyweights Reliance Industries and Infosys also turned positive, rising 0.26 per cent and 0.36 per cent.
Tata Motors, TCS, HUL, HDFC Bank, BHEL, Sterlite Industries, Hindalco and Coal India gained 0.3-0.8 per cent. ONGC, which rallied 3.5 per cent in early trade post stellar performance in Q2, closed flat.
However, the fall in ICICI Bank, HDFC, NTPC and Wipro has limited the upside; these stocks dropped 0.5-1 per cent. Sun Pharma was the top loser, falling 2 per cent.
ITC, L&T and Bharti Airtel too closed flat with negative bias.
Total traded turnover was more than Rs 92,000 crore - less as compared to previous few sessions.
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