Britannia, Tata Consumer and HUL were trading 1% higher each while Tata Motors fell over 2% after 1.9 crore shares of the bluechip were trade in a large block deal.
Shares of newly-listed Bajaj Housing Finance went up another 10% to day’s high at Rs 181.48 on BSE after more than doubling money of IPO investors on listing day.
Ola Electric shares also rallied another 5% after Goldman Sachs initiated coverage on the stock with a buy rating and a target price of Rs 160.
Also Read: US Fed meeting begins today. Does the stock market need a 25 or 50 bps rate cut?
Expert View
Rate cuts are positive for markets and higher rate cuts are more positive but if the incoming data signals a sharply slowing economy and the Fed cuts by 50 bps the market is unlikely to treat it as positive, says Dr VK Vijayakumar of Geojit Financial Services.
It is possible that the market may take it as a signal of the US economy tipping into recession and, therefore, the response need not be positive, he said.Technical analysts say Nifty is likely to trade within a range of 25,000-26,000, with 26,000 acting as a key resistance.
Global markets
US stocks ended mixed on Monday, as tradersβ expectations for the Federal Reserve to deliver a 50-basis-point rate cut on Wednesday continued to grow. Most Asia-Pacific markets were mildly higher Tuesday, following a mixed trading session on Wall Street as investors prepare for the Federal Reserve to kick off its monetary loosening cycle. Trading in China, Taiwan and South Korea remains shut for public holidays.
(With agency inputs)
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