Bullish markets rise for second session amid firm global cues
Mumbai: Equity indices darted up for the second straight session on Tuesday as healthy corporate results and upbeat global cues reignited risk appetite after the recent spell of weakness.
A rebounding rupee further bolstered sentiment, traders said.
The 30-share BSE Sensex opened on a firm footing but ran into rough weather in afternoon trade, before staging a comeback to close 383.21 points or 0.63 per cent higher at 61,350.26.
On similar lines, the broader NSE Nifty surged 143 points or 0.79 per cent to end at 18,268.40.
Tata Steel topped the gainers' chart on the Sensex, spurting 3.92 per cent, followed by Titan, Nestle India, Bajaj Finance, Tech Mahindra, Kotak Bank and Reliance Industries.
Market heavyweight Reliance Industries accounted for around half of the benchmark's gains.
On the other hand, IndusInd Bank, ICICI Bank, PowerGrid, HUL, NTPC, Dr Reddy's and Axis Bank were among the laggards, shedding up to 1.92 per cent.
"Markets managed to end higher in a volatile trading session, thanks to firm global cues. Upbeat earnings announcements from the US markets set the tone in the beginning however choppiness in the index majors, especially from the banking pack, in the middle kept the participants on their toes," said Ajit Mishra, VP - Research, Religare Broking.
Indications are in favour of a further rebound, but a lot would depend on the earnings announcement scheduled in the following sessions, he noted.
Vinod Nair, Head of Research at Geojit Financial Services, said, "Following a strong opening backed by positive gains in global markets, domestic indices were torn between gains and losses in today's volatile trade."
"Broad-based buying led by auto, realty, and metal stocks aided the bourses to bell the day in positive territory. However, continuous selling by the FIIs in the market fanned investor cautiousness. Upbeat quarterly earnings outweighing inflation worries boosted the morale of global markets," he added.
All BSE sectoral indices ended in the green, with realty, metal, consumer durables, basic materials, auto and energy rallying as much as 3.40 per cent.
Broader BSE midcap and smallcap indices soared up to 2.20 per cent.
Meanwhile, international oil benchmark Brent crude slipped 0.29 per cent to $84.92 per barrel.
