FIRST TRADE: Sensex, Nifty trade flat; Gland Pharma jumps 20%

Stock market today: The domestic equity market was trading in a narrow range in the early trade on Tuesday. The S&P BSE Sensex was trading at 65,913.86 levels, while the NSE's Nifty was trading at 19,588.25, down 9 points. 

"Markets may slip in early Tuesday trades due to weakness in the Gift Nifty index, but a sharp overnight recovery in the US markets and mixed trend in Asian gauges could provide support to local shares. While global cues will continue to dictate trends, investors will be watchful of the two key catalysts: the RBI's monetary policy and US inflation data on Thursday. For traders, stop loss for Nifty is at 19,217, while targets are placed at 19,877–20,000 levels," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Among Sensex stocks, Titan Company was the biggest gainer - up 0.62 per cent. On the flip side, PowerGrid (down 1.75 per cent) was the biggest loser. Next on the losers' list were M&M, Infosys, and Bharti Airtel. 

In the broader market, the S&P BSE MidCap index was up 0.23 per cent at 30,400.61 levels while the S&P BSE SmallCap index was trading 0.21 per cent higher at 35,237.10 points.

BUZZING STOCKS

Gland Pharma jumped 20 per cent to hit a high of Rs 1,610 on the BSE, a day after the company reported impressive numbers for the quarter ended June 30, 2023. PB Fintech, on the other hand, was trading over 3.50 per cent lower at Rs 769.55 on the BSE. The company on Monday reported a narrowing of losses in the June quarter as compared to the year-ago period. Tata Chemicals, too, was down nearly 2 per cent at Rs 1,019.40 on the BSE. The company on Monday, reported a 9.67 per cent decline in consolidated net profit at Rs 532 crore during the April-June quarter of the current financial year. 

GLOBAL MARKET

Asian share markets were mostly weaker on Tuesday as investors digested weaker Chinese trade data ahead of key inflation readings from China and the United States to deliver an updated outlook on the health of the global economy. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.7 per cent on Tuesday after US stocks ended the previous session with mild gains. The index is down 2.9 per cent so far this month, said a Reuters report.