Domestic stock markets on Tuesday shed early gains to trade flat as investors stay anxious about a possible announcement of relief package by the government.
Both BSE Sensex and NSE Nifty jumped more than 1 per cent in early trade before the rally fizzled. By 10 am, Sensex was trading higher by just 30 points or 0.10 per cent, while Nifty was up by 16 points.
The early morning rally was supported by a surge in IndusInd Bank, which surged 10 per cent following announcement of quarterly results by the bank on Monday.
Some of the top gainers in early trade include IndusInd Bank, HDFC, Axis Bank, Kotak Mahindra Bank, while some of the losers were Sun Pharma, HCLTech, Nestle and Bajaj Auto.
The Nifty Banking Index including the Nifty Private Bank and PSU Bank were trading in green while Nifty Auto and FMCG indexes were down.
Over the next few days, investors are expected to track the government’s exit plan after lockdown and company results. Among major results expected today, Axis Bank is expected to announce its March quarter results.
Globally, stock markets seem to be stabilising as nations around the globe have either eased or planning to ease some lockdown rules, allowing resumption of key economic activity.
However, the Covid-19 threat still looms large with over 30 lakh worldwide cases and over two lakh deaths. In India, the death toll has now crossed 900 with over 29,000 positive cases.