Sensex Edges Higher to Snap 6-Day Losing Streak

The Sensex and Nifty edged higher on Tuesday amid a choppy session, snapping a six-day losing streak. The Sensex ended 31 points higher at 26,590 while Nifty settled at 26,590, up 10 points.

Here Are Top 10 Developments

1) Higher Asian markets supported the sentiment but profit-taking emerged at higher levels. Concerns over weak corporate earnings and caution ahead of the Bihar election outcome weighed on the domestic markets.

2) Oil & gas and IT stocks outperformed today with ONGC rising 1.6 per cent, Cairn India 1 per cent and RIL 0.76 per cent.

3) Among IT stocks, market heavyweights Infosys and TCS gained over 1 per cent.

4) Weakness was seen in banking and capital goods. L&T fell 1.1 per cent to extend its losing streak to the 11th session, with disappointment over its Q2 earnings and outlook weighing on the stock.

5) Earnings impact: United Spirits gained 5.6 per cent on strong margin expansion in the September quarter. Indian Oil gained over 1 per cent it reported a smaller quarterly loss than the previous year. Power Finance Corporation advanced 2.8 per cent its net profit rose 20 per cent in the September quarter.

6) Midcap and smallcap stocks outperformed today with their respective indices on the BSE rising 0.28 per cent and 0.39 per cent respectively.

7) Analysts remain cautious on the near-term outlook for Nifty, saying that it would take direction from the outcome of the Bihar elections.

8) Foreign institutional investors (FIIs) have sold in three out of the previous six sessions, depriving markets of momentum, after they had been heavy net buyers in October.

9) The rupee fell to 65.69/dollar at day's low compared to Monday's close of 65.59.

10) Asian share markets mostly ended higher after the tech stocks on the Nasdaq finished at a 15-year high on Monday.