Markets rise for 3rd day as positive cues boost sentiment
Driven by firm global cues and optimism over India-US trade agreement, even as investors turned to profit-booking at higher levels
Mumbai:Stock market benchmarks Sensex and Nifty rallied for the third straight session on Tuesday buoyed by firm global cues and end of tariff uncertainties over India-US trade, even as investors booked profit at higher levels.
The 30-share BSE Sensex climbed 208.17 points, or 0.25 per cent, to close at 84,273.92. During the session, the benchmark jumped 417.2 points, or 0.49 per cent, to hit an intraday high of 84,482.95. The 50-share NSE Nifty rose 67.85 points, or 0.26 per cent, to finish at 25,935.15. In the intraday session, the index appreciated by 122.15 points, or 0.47 per cent, to hit a high of 25,989.45.
Among the Sensex constituents, Eternal, Tata Steel, Mahindra & Mahindra, PowerGrid, Tech Mahindra, NTPC, Larsen & Toubro, Tata Consultancy Services, Maruti Suzuki India, Axis Bank, Titan and Hindustan Unilever were among the gainers. On the other hand, HCL Technologies, Bajaj Finance, Bharti Airtel, Asian Paints, HDFC Bank, UltraTech Cement, Adani Ports and ITC were among the laggards.
"Domestic equities continued their upward momentum, supported by the US trade agreement and positive cues from key Asian markets. A strong resurgence in FII inflows, coupled with rupee appreciation, is further bolstering the investor sentiment, although intermittent profit-booking was visible across sectors," Vinod Nair, Head of Research, Geojit Investments Ltd, said.
He added that with tariff-related concerns largely easing, the near-term market trajectory is expected to hinge on Q3 earnings, which have been mixed and below expectations so far. "Investors are now focused on the combined impact of recent fiscal and monetary measures to revive earnings momentum in the coming quarters," Nair said.
A total of 2,587 stocks advanced, while 1,675 declined and 145 remained unchanged on the BSE. BSE Smallcap Select index rose 0.40 per cent, while Midcap Select index went lower by 0.31 per cent. Among sectoral indices, auto rose the most by 1.35 per cent, followed by consumer discretionary (1.16 per cent), metal (0.83 per cent), and industrials 0.69 per cent). Utilities also gained by 0.62 per cent, while Oil & Gas climbed 0.51 per cent. Focussed IT ended 0.50 per cent higher, while Information Technology as well as Telecommunication ended 0.35 per cent higher. On the other hand, PSU Bank, Consumer Durables, Bankex and Private Banks Index were among the laggards.
