Equity indices dip lower but metal stocks shine

Equity benchmark indices gave up early gains during volatile trade on Tuesday and closed in the red.

Market experts said traders booked profit across counters to realign their portfolios.

The BSE S&P Sensex closed 50 points or 0.1 per cent lower at 52,104 while the Nifty 50 was down by 1 point or 0.01 per cent to 15,313.

Sectoral indices at the National Stock Exchange were mixed with Nifty IT down by 1.5 per cent and FMCG by 0.7 per cent. But Nifty metal rose by 2.9 per cent and PSU bank by 1.7 per cent.

Among stocks, Axis Bank lost by 2.2 per cent to close at Rs 776.55 per cent while ICICI Bank wound up 2.3 per cent lower at Rs 658.15.

Public sector State Bank of India declined by 1 per cent at Rs 402.90 per share. The other major losers were Nestle India, Hindustan Unilever, Titan, Tata Motors, Eicher Motors, Infosys and Tata Consultancy Services.

However, Bank of Maharashtra, Indian Overseas Bank, Central Bank of India and Bank of India closed 20 per cent higher after reports that the government plans to privatise them.

Meanwhile, Asian shares advanced as optimism about the global economic recovery and expectations of low interest rates drive investments into riskier assets.

Japan's Nikkei rose by 1.28 per cent to a 30-year high. In Hong Kong, the Hang Seng Index surged by 1.9 per cent to hit a 32-month high in its first trading session since Thursday following the Lunar New Year holidays.

Mainland Chinese markets will remain closed for the holidays until Thursday while Wall Street was also shut on Monday.

( With inputs from ANI )