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Markets end higher on domestic cues
Indian stock markets moved up for second day in a row on Tuesday, led by gains in auto stocks on forecast of an above normal rains this year, following back-to-back monsoon failures, while domestic investors and foreign funds increased buying.
Sensex climbs by 123 points while Nifty up 37 points
Mumbai: Indian stock markets moved up for second day in a row on Tuesday, led by gains in auto stocks on forecast of an above normal rains this year, following back-to-back monsoon failures, while domestic investors and foreign funds increased buying.
A firm opening in Europe and a mixed trend in regional markets also buoyed trading sentiment here. The benchmark BSE Sensex surged by 123 points on sustained buying. The 30-share Sensex after shuttling between 25,180.02 and 24,996.44, finally ended 123.43 points or 0.49 per cent higher at 25,145.59, its highest closing since April 4. On Monday, the index had by rallied 348.32 points.
The broader NSE Nifty recaptured the 7,700-mark and ended at 7,708.95, up 37.55 points or 0.49 per cent. Intra-day, it touched a high and a low of 7,717.40 and 7,663.35. Broader markets continued to display firm trend as retail investors enlarged their exposure, with the BSE mid-cap index rising 1 per cent and small-cap gaining 0.90 per cent.
Meanwhile, forecaster Skymet had on Monday said rainfall in India is expected to be ‘above average’ this year. Indian Meteorological Department today came out with its prediction, saying the monsoon will be ‘above normal’ and there would be fair distribution across the country.
Consequently, agriculture-linked stocks were in the limelight. Major gainers were Insecticides (India) at 16.17 per cent followed by Jain Irrigation Systems 6.13 per cent, Chambal Fertilisers 4.07 per cent, Kaveri Seed 3.39 per cent and Deepak Fertilisers 0.75 per cent.
Moreover, from auto pack, Maruti Suzuki, Hero MotoCorp, Tata Motors, Bajaj Auto and M&M surged by up to 2.82 per cent. Stocks of jewellery firms, Tribhovandas Bhimji Zaveri rose 4.60 per cent to Rs. 64.80 and PC Jewellers surged 3.57 per cent to Rs. 361.40 after they reopened shops following six weeks of protest against the 1 per cent excise duty on non-silver jewellery.
Out of the 30-share Sensex pack, 23 scrips ended higher. Major gainers were GAIL (3.87 pc), Maruti Suzuki (2.82 pc), Hero MotoCorp (2.47 pc), Tata Motors (2.40 pc), Adani Ports (1.92 pc), Dr Reddy's (1.79 pct, ICICI Bank (1.71 pc), Bajaj Auto (1.53 pc), ONGC (1.37 pc), Lupin (1.20 pc), HDFC (0.92 pct) and HUL (0.86 pc), while Coal India lost 2.28 per cent, followed by Tata Steel (2.11 pc), ITC (1.18 pc) and HDFC Bank (0.55 pc).
