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Value buying pushes mkts up
Markets rallied on the second consecutive session on Tuesday, reversing the early losses in the second half of the day closing higher.
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Mumbai: Markets rallied on the second consecutive session on Tuesday, reversing the early losses in the second half of the day closing higher. The rally was led by the global crude prices and FMCG stocks raised following increased consumer price inflation.
Meanwhile, the investors are keen on the two-day fed meeting as the US central bank in the verge of raising interest rates for the first time in almost a decade.
Sensex gained 170 points to close at 25,320 and Nifty up 50 points to end at 7,700. The broader markets also increased on par with the benchmarking shares with midcap and smallcap indices up 0.5 and 1 per cent, respectively.
On the sectoral front, good buying is seen in auto, consumer durables and FMCG sectors, while metal and technology sectors close in red.
Oil shares consolidated following rebound in the global crude prices, as RBI up over 2 per cent and ONGC gained about 2 per cent. Similarly, the FMCG stock gained as ITC and HUL up 1 per cent and 2.4 per cent each.
Also auto stocks reversed after suffering selling pressure rebounded as Tata Motors, Hero Moto, Bajaj Auto and Maruti closed higher up to 2 per cent.
The gainers: Lupin, up 2.44 per cent at Rs 1,790.05; Hindustan Unilever, up 2.28 per cent at Rs 856.30; Reliance Industries, up 2.14 per cent at Rs 975.90; ONGC, up 2.06 per cent at Rs 217.85; and Tata Motors, up 2.04 per cent at Rs 379.30.
The losers: Wipro, down 1.53 per cent at Rs 558.60; ICICI Bank, down 1.04 per cent at Rs 246.35; NTPC, down 1.02 per cent at Rs 131.40; Vedanta, down 0.77 per cent at Rs 83.80; and BHEL, down 0.57 per cent at Rs 166.10.
