Markets break 9-day losing streak on financial stocks recovery

Mumbai: Indian stock market bounced back after nine sessions of losses on Tuesday, with participants showing keen interest in financial and energy stocks after benign inflation data kindled rate cut hopes in the RBI's June policy meet.

Reclaiming some lost ground, the BSE Sensex rose about 228 points and the NSE Nifty closed nearly 74 points higher.

Sectorally, telecom, energy and capital goods were the top three performers -- rising up to 2.81 per cent. The BSE Sensex started off the session on a positive note at 37,146.58 against the previous close of 37,090.82.

It finally settled the day at 37,318.53, gaining 227.71 points or 0.61 per cent. Similarly, the NSE gauge Nifty closed at 11,222.05, 73.85 points or 0.66 per cent higher.

The Tuesday's trade, mainly the first half of the session, was marked by intense volatility as investors appeared cautious weighing a host of headwinds like concerns on macro-economic front, US-China trade war tensions and uncertainty over election outcome.

Meanwhile, the Indian rupee staged a mild recovery, gaining 7 paise to close at 70.44 against the US dollar on Tuesday. In Asia, all leading bourses witnessed mild to heavy sell-offs on Tuesday after US-China trade war further intensified.

Brent Futures, global crude oil benchmark, traded higher at $70.89 per barrel, up 0.94 per cent, on concerns about supply disruptions in view of geo-political tensions in the crucial oil producing region of the Middle East.

Foreign institutional investors (FIIs) net sold equities worth Rs 2,011.85 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 2,242.91 crore, as per provisional data.