Indian equity benchmarks NSE Nifty 50 and BSE Sensex ended choppy trade with minor gains on Tuesday, ahead of the Union Budget 2023. Auto and FMCG shares ended higher while IT and healthcare shares ended in the red. Nifty Midcap 100 and Nifty Smallcap 100 ended 1.6 percent and 2.9 percent higher, respectively.

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The Sensex fell 395.8 points or 0.7 percent to 59,104.6, before ending at 59,549.9. The Nifty50 moved within a range of 17537.5 - 17,735.7 in intraday trade before ending 0.1 percent higher at 17,662.2. Nifty Bank ended 0.7 percent higher at 40,655.1.

A total of 24 stocks in the Nifty50 basket finished in the green, with SBI, M&M, Power Grid, Ultratech and Adani Ports being the top gainers.

Trident, Bank of India, BHEL, PNB and Nippon Life led the Nifty Midcap index higher.

On the other hand, Bajaj Finance, TCS, Tech Mahindra, Britannia and HDFC Life were the top Nifty 50 losers.

"The Indian market has been underperforming compared to the rest of the world because it has been trading at premium valuations, which are in contrast to the moderation forecasted in the domestic economy for FY24. The premiumization has tapered, currently trading in-line with developed markets like the US; however, we continue to trade at a premium to other emerging markets. The Adani saga has prolonged the correction as FII selling has increased. Now the focus is on the outcome of budget and Fed policy, on which the market has a mixed view," said Vinod Nair, Head of Research at Geojit Financial Services.

Rupee ends 42 paise lower at 81.92 vs US dollar.

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First Published:Jan 31, 2023 3:59 PM IST