Markets extend gains in see-saw trade; bank and IT stocks sparkle

Mumbai: Market benchmarks overcame bouts of volatility to close in the green for the second straight session on Tuesday, propped up by robust demand for banking, IT and pharma stocks amid a supportive trend overseas. However, a depreciating rupee and sustained foreign fund outflows capped the gains, traders said.

The 30-share BSE Sensex rose 126.41 points or 0.21 per cent to settle at 61,294.20. During the day, it hit a high of 61,343.96 and a low of 61,004.04. The broader NSE Nifty gained 35.10 points or 0.19 per cent to end at 18,232.55. Axis Bank led the Sensex gainers' chart, spurting 2.25 per cent, followed by Titan, TCS, Tech Mahindra, Sun Pharma, IndusInd Bank, Wipro and Nestle India.

In contrast, Mahindra & Mahindra, Reliance Industries, Hindustan Unilever, Tata Steel, Asian Paints, ITC and NTPC were among the main laggards, shedding up to 1.13 per cent.

In the broader market, the BSE midcap gauge climbed 0.22 per cent and smallcap index advanced 0.18 per cent.

Among sectoral indices, consumer durables jumped 1.56 per cent, healthcare 0.67 per cent, IT (0.65 per cent), financial services (0.64 per cent), bankex (0.58 per cent) and teck (0.53 per cent). Commodities, FMCG, auto and metal chalked up losses. Elsewhere in Asia, equity markets in Shanghai and Hong Kong logged gains, while Seoul ended lower. Equity exchanges in Europe were trading in the green in mid-session deals.

Markets in the US were closed on Monday. International oil benchmark Brent crude inched up 0.34 per cent to $86.20 per barrel.