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Markets up for 2nd session on unabated buying
Renewed FII buying takes Nifty above 25k level on gains in IT, telecom and banking shares
Mumbai: Benchmark Sensex climbed nearly 362 points, while Nifty ended above 25,000 level higher on Tuesday, marking their second straight day of gains following a rebound in the US markets and fresh foreign fund inflows.
The 30-share BSE Sensex climbed 361.75 points or 0.44 per cent to settle at 81,921.29 driven by gains in IT, telecom and select banking shares. During the day, it jumped 637.01 points or 0.78 per cent to 82,196.55. The NSE Nifty surged 104.70 points or 0.42 per cent to 25,041.10.
“The domestic market showcased a gradual rebound driven by the shift in focus towards upcoming US inflation and potential FED policy stance. The US political risk and recession fears may set near-term cautious sentiments in the global market. On the domestic front, a strong monsoon, and an expectation of an uptick in demand during festival season will drive investor sentiment,” said Vinod Nair, head (research), Geojit Financial Services.
In the broader market, the BSE smallcap gauge climbed 1.53 per cent and midcap index went up 0.53 per cent.
“With an overnight rebound on Wall Street, strong net buying from both FIIs and DIIs, and sluggish oil prices, bullish traders are expected to pursue bargains,” Prashanth Tapse, senior V-P (research), Mehta Equities Ltd, said.
A total of 2,587 stocks advanced while 1,352 declined and 103 remained unchanged on the BSE. Among the indices, telecommunication jumped 2 per cent, utilities (1.76%), power (1.74%), teck (1.62%), IT (1.52%), industrials (1.25%), services (1.20%) and healthcare (1.10%). Financial Services, oil & gas were the laggards.
Among the 30 Sensex firms, NTPC, HCL Technologies, Bharti Airtel, Tech Mahindra, Power Grid, Axis Bank, Tata Consultancy Services and Adani Ports were the biggest gainers. Bajaj Finserv, Bajaj Finance, Hindustan Unilever, Mahindra & Mahindra, Tata Motors and State Bank of India were among the laggards.
In Asian markets, Shanghai and Hong Kong settled higher while Seoul and Tokyo ended lower. European markets were trading on a mixed note. The US markets ended significantly higher on Monday.
