Stock markets erase early losses on buying in Infosys, ITC

New Delhi: Benchmark equity indices Sensex and Nifty dropped in early trade on Tuesday, but buying in blue-chip stocks Infosys and ITC helped the markets recover the lost ground.

The 30-share BSE Sensex dropped 289.72 points to 82,987.43 in early trade. The 50-share NSE Nifty declined 112.45 points to 25,570.30.

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Later, both benchmark indices bounced back and were trading in the green. The BSE benchmark quoted 116.08 points higher at 83,393.23, and the Nifty traded 12.90 points up at 25,695.65.

Among the Sensex constituents, Infosys, ITC, HCL Technologies, Asian Paints, Tech Mahindra, Bharat Electronics Ltd, Tata Consultancy Services, IndiGo, Sun Pharmaceuticals, and Larsen & Toubro were the major gainers.

On the other hand, Eternal, Tata Steel, ICICI Bank, Bajaj Finserv, Kotak Mahindra Bank, Reliance Industries, UltraTech Cement, Bajaj Finance, Axis Bank, and Mahindra & Mahindra were the laggards.

In Asian markets, Japan's Nikkei 225 index traded nearly 1 percent lower. Markets in China, Hong Kong and South Korea are remained closed for the Lunar New Year holidays.

US equities market also remained shut on Monday on account of Presidents' Day.

Foreign institutional investors sold equities worth Rs 972.13 crore on Monday, while domestic institutional investors purchased stocks worth Rs 1,666.98 crore, according to the exchange data.

Brent crude, the global oil benchmark, fell 0.41 percent to USD 68.37 per barrel.

On Monday, the 30-share BSE Sensex jumped 650.39 points to close at 83,277.15, while the NSE Nifty advanced 211.65 points to settle at 25,682.75.

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