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Stocks that were in focus on Tuesday include names like Paytm, which rose 2.39%, Network 18, which gained 6.12%, and Sun TV, whose shares declined 2.27%.
"The most recent lows are pretty good supports to hang on to. If 19,253 on the Nifty gets broken, we will probably see downside to 19,150; that would be our worst-case scenario. Right now, we are closely watching this breakout point. Similarly, on the Bank Nifty, there is the 20-week average which has held as a pretty good support and which was close to around 43,800. We did not break that on a weekly closing basis and if we stay above that for the rest of the week, then that would also be a good sign."
"The big trigger now is that corporates will start looking at better performance ahead. One of the biggest inflation triggers is on the commodity side. Many of the companies, be it on the industrial side be or on the capital goods sides, are exposed to a large inflation footprint that came in with the commodities surge. That is now gradually abating and could provide the next possible trigger for most of the goods manufacturing companies."
ONGC has reported consolidated net profit of Rs 14,134 crore for the quarter ended June. Revenue from operations dropped 10% to Rs 1.63 lakh crore in the June quarter.
Foreign portfolio investors were net buyers for the second straight day at Rs 922 crore. DIIs too bought shares worth Rs 470 crore on Wednesday.