Sensex drops 221 pts day ahead of RBI decision; Adani Ent up 15%, Paytm 5%

CLOSING BELL

Stock market highlights: Equity markets gyrated between gains and losses on Tuesday as stock-specific action dominated the market mood. Besides, nervousness ahead of the Reserve Bank of India's interest rate decision added to the volatility. The S&P BSE Sensex fell 592 points from the day's high to hit an intra-day low of 60,063.5. It staged recovery in the fag-end to end at 60,286, down 221 points or 0.37 per cent.

The Nifty50, meanwhile, bounced back from the intra-day low of 17,652.5 to settle at 17,722, down 43 points or 0.24 per cent. Adani Enterprises (up 15 per cent), Dr Reddy's Labs, Adani Ports, Kotak Bank, IndusInd Bank, Bajaj Finance, Bajaj Auto, ONGC, JSW Steel, and Eicher Motors led the recovery.

In the broader markets, the BSE MidCap index added 0.02 per cent, and the BSE SmallCap index dipped 0.17 per cent. Among sectors, the Nifty FMCG index slipped 1.16 per cent, followed by the Nifty Auto index (down 1 per cent). The Nifty Realty added 0.88 per cent.

Buzzing stocks

Paytm: Shares of digital financial services firm One97 Communications, which owns Paytm, hit over three-month high of Rs 669.60 as they zoomed 20 per cent on the BSE in Tuesday's intra-day trade.The massive buying comes on the back of improved financial performance of the company in the October-December quarter (Q3FY23). The stock was trading at its highest level since October 18, 2022, having surged 28 per cent over the past two trading sessions. READ MORE

Adani group: Shares of Adani group companies were trading higher on the BSE in Tuesday's intra-day trade, recovering from the sharp fall recorded over the past eight trading sessions. READ MORE