Bourses shrug off bearish global cues

Mumbai: Equity benchmark indices Sensex and Nifty closed higher for the third straight day on Tuesday on gains in market heavyweights ITC, Reliance Industries and Infosys amid a bearish trend in global equities. Besides, robust domestic macroeconomic data added to the positive momentum, traders said.

The BSE benchmark index climbed 152.12 points or 0.23 per cent to settle at 65,780.26. During the day, it gained 203.56 points or 0.31 per cent to 65,831.70. The Nifty rose 46.10 points or 0.24 per cent to end at 19,574.90pts.

Sun Pharma emerged as the biggest gainer from the Sensex pack, climbing 2.09 per cent, followed by ITC, Titan, Bajaj Finance, Nestle, Infosys, L&T, JSW Steel, Reliance Industries and Kotak Mahindra Bank. UltraTech Cement, Maruti, HDFC Bank, Wipro, State Bank of India and NTPC were among the laggards.

“Strong domestic factors are providing crucial support for Indian equities, allowing them to maintain their strength despite attempts by weak global peers to disrupt the mood. India's service PMI remains robust at 60.1, indicating sustained demand even in the face of inflationary pressures,” said Vinod Nair, Head of Research at Geojit Financial Services.

Notably, small and mid-cap stocks have been standout performers, with both indices reaching all-time highs. Conversely, the weak Chinese service PMI has cast a shadow on hopes of an economic rebound in China, impacting global market sentiments, he added.

In the broader market, the BSE midcap jumped 1.09 per cent, and smallcap gained 0.61 per cent.