The topline equity indices on the BSE and National Stock Exchange (NSE) registered their fifth successive session of gains after they ended marginally higher on Tuesday aided by gains in information technology (IT), banking and financial stocks.
The S&P BSE Sensex settled at 36,674.52, up 187.24 points (0.51 per cent) while the broader Nifty 50 rose 36.00 points (0.33 per cent) to end at 10,799.65. Both the indices had opened higher earlier in the day but they turned negative during the late morning deals for some time before picking up steam and ending higher in the afternoon session.
On Monday, the Sensex had ended at 36,487.28, up 465.86 points (1.29 per cent), while the broader Nifty 50 had settled 156.30 points (1.47 per cent) higher at 10,763.65.
Bajaj Finance, IndusInd Bank, Bajaj Finserv, Infosys, ICICI Bank and Axis Bank were the biggest gainers of the day on the Sensex. On the other hand, NTPC, ITC, Power Grid, Tata Steel, Oil and Natural Gas Corporation (ONGC) and Mahindra & Mahindra (M&M) were the biggest losers. (see heatmap below)
Among the sectoral indices on NSE, the Nifty Private Bank index was the top performer of the day, climbing 2.66 per cent led by Bandhan Bank, IndusInd Bank and RBL Bank. The bank index was followed by Nifty IT, which rose 2.07 per cent on Tuesday aided by NIIT Technologies, Info Edge (India) and Infy.
Apart from these, the Nifty Financial Services too ended 1.54 per cent higher led by Mahindra & Mahindra Financial Services, Bajaj Finance and Bajaj Holdings & Investment.
Here’s how the sectoral indices performed:
In the broader market, the S&P BSE MidCap index ended at 13,535.97, up 78.33 points (0.58 per cent), while the S&P BSE SmallCap settled at 12,839.77, up 73.18 points (0.57 per cent).
“Indian benchmark indices ended higher on the fifth consecutive day (longest winning streak in a month) after a volatile session on July 7… Markets were mostly lower in Asia on Tuesday as expanding coronavirus outbreaks dimmed hopes for a global recovery. Government stimulus and hopes for an economic turnaround have so far kept investor sentiment upbeat,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
The rupee extended the losses and settled 25 paise lower at 74.93 (provisional) against the US dollar on Tuesday amid strengthening American currency and volatile trade in the domestic equity market.
Forex traders said foreign fund inflows and easing crude oil prices supported the rupee, while, factors like strong dollar and rising COVID-19 cases dragged down the local unit.
The rupee opened weak at 74.74 at the interbank forex market, then lost further ground to settle at 74.93 against the US dollar, 25 paise lower than its previous close.
It had closed at 74.68 against the US dollar on Monday.
In a highly volatile trading session, the rupee witnessed an intra-day high of 74.68 and a low of 74.97 against the US dollar.
A five-day charge by world stocks fizzled on Tuesday as caution about renewed coronavirus lockdowns took hold again, though it was not enough to completely douse China’s July hot streak.
London, Paris and Frankfurt were down around 1 per cent in early trading as the bumpier conditions shifted investors back to the dollar and the region’s government bonds.
Tokyo, Hong Kong and Seoul had all lost ground in Asian trading, while Shanghai’s high-flying blue-chip index was sputtering by the close after adding to the 15 per cent gains it has made over the last week.
– rupee input from PTI, global market input from Reuters
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