After a weak start and a subsequent smart rebound, the Indian stock market faltered and plunged into the red around mid morning, but recovered once again and regained most of the lost ground towards close.
While weak global markets and the Bhartiya Janata Party's win in the Gujarat state assembly elections rendered the market weak early on, expectations of more economic reforms pulled it from lower levels.
The BSE Benchmark Sensex, which declined to 19,335.72 after , ended the day with a loss of 22.08 points or 0.11% at 19,453.92. The Nifty index of the National Stock Exchange settled at 5916.40, down 13.20 points or 0.22%. It touched a high of 5937.60 and a low of 5881.45 during the session.
Metal stocks started off on a weak note on profit taking, but bounced back to end the session well off their lows, with a few of them even posting smart gains.
Select FMCG, information technology and healthcare stocks moved up. Automobile, capital goods, consumer durabless and realty stocks mostly closed weak. Oil and bank stocks ended on a mixed note.
Sun Pharmaceutical Industries lost over 2%. Mahindra & Mahindra, Bajaj Auto, Larsen & Toubro and Wipro ended lower by 1% - 1.6%. BHEL, ITC, Tata Motors, HDFC Bank, Dr Reddy's Laboratories and Hero Motocorp also ended notably lower.
Ambuja Cements lost around 3%. BPCL, Jaiprakash Associates, Cairn India, IDFC, Axis Bank, Kotak Bank, HCL Technologies, ACC, Reliance Infrastructure, Lupin and Power Grid Corporation closed with sharp to moderate losses.
Jindal Steel & Power, Hindalco and Tata Steel ended with strong gains. Hindustan Unilever, Tata Consultancy Services, Cipla, GAIL India, Maruti Suzuki, Tata Power and Sesa Goa also closed on a firm note.