Indian stock markets experienced fluctuations before stabilizing on Tuesday, ahead of the Christmas holiday. Early trading saw investor sentiment buoyed by positive global trends, but the absence of major catalysts in this holiday-shortened week led to profit-taking at higher levels.
The S&P/BSE Sensex reached an intra-day peak of 78,877.36 but eventually retreated, closing 67.30 points lower, a 0.09 percent decrease from its previous finish. Similarly, the NSE Nifty index ended 25.80 points lower, a 0.11 percent drop, at 23,727.65, after climbing to 23,867.65 earlier in the session.
Notable decliners included Infosys, Titan Company, SBI Life, JSW Steel, and Power Grid Corp, each falling between 1-2 percent. The metals sector saw a primarily bearish trend as investors capitalized on recent gains from a sharp rally in the previous trading round.
Tata Group stocks captured investor attention following news that Tata Capital, the financial services branch of the conglomerate, has initiated plans for a $2 billion initial public offering (IPO). As a result, Tata Investment Corp shares increased by 4.2 percent, Tata Motors appreciated by 1.8 percent, and Tata Chemicals rose by 3.1 percent.
Biocon recorded a 4.1 percent gain following the European Union's regulatory approval for its diabetes medication. Aarti Drugs experienced an 11.6 percent surge after receiving the Establishment Inspection Report (EIR) for its Tarapur facility from the U.S. FDA. Meanwhile, Knowledge Marine & Engineering Works enjoyed a 1.8 percent uptick on the announcement of a stock split.
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