Markets rally for 3rd day amid positive global trends

Mumbai: Equity benchmark indices rallied for the third day on Tuesday amid firm global market trends and buying in energy, banking and FMCG counters. The 30-share BSE Sensex jumped 549.62 points or 0.94 percent to settle at 58,960.60. During the day, it zoomed 732.68 points or 1.25 percent to 59,143.66.

Similarly, the broader NSE Nifty surged by 175.15 points or by 1.01 percent to end at 17,486.95.

State Bank of India (SBI) was the biggest gainer in the Sensex pack, climbing 3.41 percent, followed by ITC, Nestle India, Bharti Airtel, IndusInd Bank, L&T, M&M and Reliance Industries.

Only five constituents including HDFC, NTPC, Tech Mahindra, Sun Pharma and HDFC Bank, slipping up to 0.72 percent ended in red.

The Indian market is sustaining its gains due to favourable global and domestic cues. Home-grown positivity is the downward trend of crude prices and upside prospects to Q2 corporate earnings.

Sensex sinks 1,020 points as rate hikes trigger global sell-off

Ajit Mishra, Vice President- Research, Religare Broking Ltd, said the recent rebound in the markets can be largely attributed to the recovery in the global indices while the earnings have been mixed.

"Apart from the global markets, we feel participation of key sectors on a rotational basis would be critical for a sustained movement of the markets. Amid all positivity, traders should maintain their focus on overnight risk management," he added.

In the broader market, the BSE midcap gauge jumped by1.06 percent and small cap index climbed up by 0.71 percent.

All BSE sectoral indices ended in the green, with capital goods climbing 1.97 percent, realty jumping 1.76 percent, industrials (1.71 percent), auto (1.50 percent), power (1.46 percent), utilities (1.46 percent), FMCG (1.22 percent) and energy (1.13 percent).

Other Asian markets in Seoul, Tokyo and Hong Kong ended with gains, while Shanghai settled lower.

Stock exchanges in Europe were trading in the positive territory in mid-session deals. Wall Street had ended significantly higher on Monday.

International oil benchmark Brent crude was trading 0.65 percent lower at USD 91.02 per barrel.

The rupee pared its initial gains to close 7 paise down at 82.37 (provisional) against the US dollar in muted trade on Tuesday.

As per exchange data, Foreign Institutional Investors (FIIs) remained net sellers in the Indian capital market on Monday as they offloaded shares worth Rs 372.03 crore.

(With PTI inputs)

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. You may follow us on Google News. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)