Benchmarks rebound from two-day decline on firm global cues, easing rate hike worries

Mumbai: Benchmark stock indices Sensex and Nifty rebounded on Tuesday after two days of decline following buying in select metal and banking shares and a bullish trend in the US markets on easing rate hike worries.

The 30-share BSE Sensex climbed 275.62 points or 0.42 per cent to settle at 65,930.77 as its 18 components advanced while 12 declined. During the day, it jumped 427.21 points or 0.65 per cent to 66,082.36. Nifty went up by 89.40 points or 0.45 per cent to 19,783.40.

JSW Steel was the lead gainer among Sensex shares, rising by 1.76 per cent. Tata Steel rose by 1.45 per cent, and Titan by 1.44 per cent. Reliance Industries advanced 1.24 per cent, helping the indices snap two days of losses.

Among banking shares, HDFC Bank, ICICI Bank and Axis Bank gained. Sun Pharma, Bharti Airtel, Tata Motors and Bajaj Finserve also advanced. NTPC, Tech Mahindra, Maruti, State Bank of India and Larsen & Toubro were among the laggards.

The BSE smallcap gauge climbed 0.20 per cent and midcap index gained 0.14 per cent.

Among the indices, consumer durables jumped 1.34 per cent, commodities climbed 0.77 per cent, healthcare (0.59 per cent) and financial services (0.37 per cent).

The rupee recovered from its all-time low level and settled 4 paise higher at 83.34 against the US dollar on Tuesday, tracking the weakness of the American currency in the overseas market.

Global oil benchmark Brent crude declined 0.61 per cent to $81.82 a barrel.