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Q2 optimism continues to lift stock markets

Benchmarks build on gains as RIL, ONGC, Oil India, IT stocks sparkle

Is the market going to nosedive further under the attack of new Covid-19 strain?
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Is the market going to nosedive further under the attack of new Covid-19 strain? 

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- Sensex up 445.56 pts to 59,744.88

- Nifty rises 131.05 pts to 17,822.30

- Rising crude oil and gas prices support indices

Mumbai: The BSE Sensex and NSE Nifty defied gravity for the second straight session on Tuesday as energy, IT and banking counters witnessed brisk buying amid mixed global cues.

The 30-share BSE Sensex opened weak, but gained momentum in afternoon trade to finish at 59,744.88, up 445.56 points or 0.75 per cent. On similar lines, the broader NSE Nifty surged 131.05 points or 0.74 per cent to close at 17,822.30 points.

IndusInd Bank topped the Sensex gainers chart with a jump of 4.60 per cent, followed by Bharti Airtel, Reliance Industries, HCL Tech, Titan, Asian Paints and TCS. Index heavyweight Reliance Industries and the IT pack accounted for most of the benchmark's gains. In contrast, Sun Pharma, PowerGrid, ITC, UltraTech Cement, Tata Steel and Nestle India were among the laggards, slipping up to 1.36 per cent. The market breadth was in favour of the bulls, with 20 of the 30 index components closing in the green. "Indian markets on Tuesday ended in positive zone led by energy, IT, oil & gas and power indices. The rising crude oil and gas prices have been positive for the upstream oil & gas companies. Reliance Industries, ONGC and Oil India will benefit most from ongoing higher energy prices," said Arijit Malakar, head (research-retail), Ashika Stock Broking Ltd.

Vinod Nair, head (research) at Geojit Financial Services, adds: "Anticipation of strong Q2 FY22 earnings from Indian IT sectors also uplifted market sentiment, he added. Domestic equities opened on a weak note as investors turned cautious due to a weak closing of the US market.

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