Benchmark indices erased all gains in the afternoon to trade in the negative on Tuesday. The update came after a downturn in metals and PSU bank stocks, which dampened market sentiment.

The Nifty 50 closed 0.11% lower, settling at 23,727, while the Sensex ended with a minor 0.09% drop at 78,472.

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On Nifty, the gainers were Tata Motors (1.92%), Adani Enterprises (1.43%), Bharat Petroleum Corporation (1.00%), ITC (0.89%), and Eicher Motors (0.89%). On the losing side were Power Grid Corporation Of India (1.65%), JSW Steel (1.62%), SBI Life Insurance Company (1.30%), Titan Company (1.28%), and State Bank Of India (1.11%).

Nifty Auto and FMCG led the sectoral indices, and the Nifty Oil and Gas index also posted gains, climbing 0.54%. However, Metal and PSU Bank indices faced profit booking, slipping up to 0.8% after a 1% rally in the previous session.

Top laggards in the metal pack included National Aluminium, APL Apollo Tubes, SAIL, JSW Steel, Hindalco Industries, and Ratnamani Metals & Tubes, all of which lost between 1% and 2%.

The Nifty PSU Bank index ended the session with a 0.56% cut, followed by Nifty IT, Nifty Media, Nifty Consumer Durables, Nifty Energy, and Nifty Realty, all closing with losses ranging from 0.08% to 0.56%.

Nifty Auto stocks managed to close in the green with a gain of 0.57%. Similarly, Nifty Oil & Gas and Nifty FMCG wrapped up the session with gains of 0.54% each.

Market volatility eased further, with the India VIX dropping another 3% to fall below the 13.5 mark.

Among the key performers, shares of Greaves Cotton skyrocketed nearly 8% after the company’s arm, Greaves Electric Mobility Limited (GEML), filed a draft red herring prospectus with SEBI.

Vedanta shares fell over 2% as the stock traded ex-dividend. The board had approved the fourth interim dividend for FY25 of Rs 8.50 per equity share, amounting to Rs 3,324 crore.

Hindustan Construction Company extended its losses, tumbling over 4% after the construction player announced it had divested its stake in Steiner AG.

Tata Group stocks, including Tata Investment, Tata Chemicals, and Tata Motors, surged up to 4% after the group initiated work on a mega Rs 15,000-crore IPO of Tata Capital, its flagship financial services arm.

New India Assurance slumped over 2% as the GST Council deferred a decision on relief.

Domestic stock exchanges — the BSE and the NSE — will remain closed on Wednesday, December 25, 2024, for trading activities on account of Christmas.