Global cues, ITC lift markets

Mumbai: The benchmarking indices closed on a positive note for the second straight session on Tuesday taking support from firm global cues besides good gains from heavyweight ITC and metal shares.

Although, there is a marked disappointment in terms of corporate earnings, interestingly, the retail investors are seeing long-term view on the investment options, say experts.

Sensex gained 104 points to close at 25,864 and Nifty up 30 points at 7,837. The broader markets also performed on par with the index stocks, with midcap and smallcap indices gained up to 0.5 per cent, each.

Brokers said that FIIs are in selling mode, while the domestic funds are in the mode of absorbing the selling pressure.

On the sectoral front, the FMCG index zoomed over 2 per cent following by metals, healthcare and auto indices, all gaining about 1 per cent each. On the other hand, IT and consumer durables indices closed marginally lower.

Heavyweight ITC has surged over 3 per cent after the company announced its fully owned subsidiary ITC Infotech entered JV with Ramco Systems to strengthen its aviation capabilities.

While the IT share Infosys fell about 2 per cent and others majors including Dr Reddy's, Axis Bank, RIL and Bajaj Auto were down between 1 to 2 per cent.

The gainers: Gail, up 4.04 per cent at Rs 306.55; ITC, up 2.91 per cent at Rs 348.15; Vedanta, up 2.68 per cent at Rs 92.05; Hindalco Industries, up 2.15 per cent at Rs 80.80; and Tata Steel, up 2.05 per cent at Rs 234.50.

The losers: Infosys, down 1.77 per cent at Rs 1,061.10; Dr Reddy's Lab, down 1.73 per cent at Rs 3,440; Axis Bank, down 1.32 per cent at Rs 475.25; Bajaj Auto, down 0.82 per cent at Rs 2,363.85; and RIL, down 0.59 per cent at Rs 927.50.