The benchmark indices have trimmed most of their early gains, this afternoon, due to profit-booking in select counters. The domestic stock markets had risen more than 1 per cent in early trade on Tuesday. The S&P BSE Sensex index rose as much as 1.73 per cent - or 548.65 points - to touch 32,264.00 in the first hour of trade, after starting the session up 467.55 points at 32,182.90. The broader NSE Nifty 50 benchmark climbed to as high as 9,450.90 after starting the day at 9,429.40.
However, the markets have trimmed their early gains as buying in Nifty auto and IT stocks is being negated by weakness in PSU banks and FMCG counters. At 12:10 pm, the Sensex traded 178.30 points - or 0.59 per cent - higher at 31,901.53 while the Nifty was up 50.80 points - or 0.53 per cent - at 9342.25.
The Nifty VIX, the guage of fear in the markets, corrected by another 2 per cent to 42 levels, which indicates some stability in the near-term.
Meanwhile, the rupee has extended early gains and trading near the day's high level at 75.52 per dollar, amid select buying seen in the equity market.
Crude oil prices rose as much as 5 per cent after countries announced they would began easing coronavirus lockdowns and crude supply cuts took effect.
Auto and auto-ancillary stocks are seeing buying interest, with M&M gaining 5 per cent, and Tata Motors, Bharat Forge and MRF adding up to 2 per cent each.
On the other hand, banks and FMCG counters are witnessing some selling. In the banking space, SBI, Axis Bank and ICICI Bank have given up up to 3 per cent each. In the FMCG space, Hindustan Unilever, Britannia and UBL have los upn to 4 per cent each.
The Nifty market breadth is weak. Out of 2,103 stocks traded on the NSE, there are 909 declining stocks as against 800 advances.