Markets fail to cling to initial gains on Tuesday
Firm Purchasing Managers' Index (PMI) data, better auto sales data and positive cues from the Asian market had boosted the Indian benchmark indices for the greater part of Tuesday but as the business hours were drawing to a close, the market reacted negatively with profit booking in key stocks and lack of Foreign Institutional Investors (FIIs) buying in October, according to media reports.
The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) climbed to 54.4 in October, a 22-month high, from 52.1 in September, media reported.
For the first time since March, FIIs turned net sellers sellers of equities, having sold more than Rs 4,000 crore worth of shares in October.
Some of the key stocks that gained on Tuesday were HDFC, NTPC, Coal India and BHEL while TCS, Infosys, Axis Bank, Sun Pharma, ITC and L&T figured among the losers.
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