Sensex up 22 points on select buying at lower levels

In a range-bound trading, the BSE benchmark Sensex on Tuesday edged up 22 points on selective buying at lower levels, led by banking stocks.

The BSE 30-scrip Sensex moved between 17,274.69 and 17,135.76 before ending 21.70 points, or 0.13%, up at 17,243.84.

The NSE 50-scrip index Nifty improved 9.20 points, or 0.18%, to 5,243.60.

Brokers said investors picked up recently battered banking and auto sector stocks, while gas company lost ground on fears of cut in tariffs.

Banking stocks, which had lost nearly three per cent in the last two trading sessions, were in demand at lower levels, led by SBI and Axis Bank.

Shares of gas companies nosedived following reports that Petroleum and Natural Gas Regulatory Board has directed to cut gas tariffs.

They said reports of a weakening trend in global markets also influenced the market sentiment as investors adopted a cautious approach.

In the broader-market, Indraprashtha Gas plunged 33.66% to Rs229.80, Gujarat Gas - 14.94% to Rs341.95 and GAIL by 1.82% to Rs356.55.