Nifty 50 reclaimed its crucial 11,300, the level last seen on March 5 this, while BSE Sensex jumped 560 points to end at 38,493.
Taking cues from firm global markets, Indian share markets closed up around 1.5 per cent in Tuesday’s trade. Nifty 50 reclaimed its crucial 11,300, the level last seen on March 5 this year, while BSE Sensex jumped 560 points to end at 38,493. With today’s rally, the benchmark indices are over 50 per cent up from their March lows. Index heavyweights such as TCS, HDFC, Kotak Mahindra Bank, Reliance Industries (RIL) and Infosys were among top contributors to indices’ gain.”Some of the stocks rallied on the basis of their earnings results with operating margins and earnings visibility being the key notables. Globally, there was an expectation that the US Fed would continue with its dovish policy stance, which would ensure liquidity, especially into emerging markets like India. Liquidity has been a key driver for the market performance, and the Fed decision is likely to be greeted positively.
UltraTech Cement, TCS top gainers: On the back of better-than-expected April-June quarter earnings, UltraTech Cement jumped over 7 per cent to close at Rs 4,135.7 apiece. The cement major was followed by TCS, Kotak Mahindra Bank, M&M, Maruti Suzuki, IndusInd Bank and Bajaj-Auto. On the flip side, ICICI Bank, Nestle India, Asian Paint, ONGC and ITC were the only laggards.
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Nifty Auto jumps over 3%: Nifty Auto index was top sectoral gainer, up 3.21 per cent lead by Tata Motors, M&M, Hero MotoCorp, Ashok Leyland. Nifty IT index too jumped over 2 per cent with TCSm Mphasis and Tech Mahindra as top gainers.
Broader market: Broader market underperformed the equity benchmarks. BSE MidCap index gained 0.76 per cent or 104 points to settle at 13,669, while the BSE SmallCap index rose 0.61 per cent or 78 points to end at 12,917.
What’s on investors’ radar: Investors will keenly watch the FOMC meet outcome scheduled tomorrow. “Besides, the key economic data points would provide more clarity on the recovery in the economy. On the domestic front, earnings announcements from companies and auto sales numbers would be on investors’ radar. We advise continuing with a positive yet cautious approach as Nifty is inching closer to the next hurdle at 10,350 levels,” said Ajit Mishra, VP – Research, Religare Broking.