Nifty 50 index advanced for the fifth straight session and gained 0.46 per cent or 52 points to settle at 11,322.
Continuing with the gaining momentum, BSE Sensex settled higher for the fourth consecutive session on Tuesday. BSE Sensex hit day’s high of 38,556, before closing at 38,407, a gain of 225 points or 0.59 per cent. While the broader Nifty 50 index advanced for the fifth straight session and gained 0.46 per cent or 52 points to settle at 11,322. Index heavyweights such as HDFC Bank, Housing Development Finance Corporation, Reliance Industries (RIL), ITC and Axis Bank were the top five index contributors. “With Russia becoming the first nation to approve the COVID vaccine, the day began strong but we witnessed a healthy round of profit booking in pharmaceuticals as well as select pivotal during afternoon trade. The sugar sector was indeed the star for the second consecutive day with exceptionally high volumes across key stocks despite profit booking at higher levels,” said S Ranganathan, Head of Research at LKP Securities.
Axis Bank jumps 4%: The private sector lender Axis Bank was the top Sensex gainer, up nearly 4 per cent. It was followed by IndusInd Bank, ITC, HDFC Bank, Tata Steel, HDFC and ICICI Bank. On the contrary, Titan Company shares declined the most, falling 3.73 per cent. Bharti Airtel, HCL Tech, ONGC, Tech Mahindra and Sun Pharma were among other losers on the pack.
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Bank stocks gain: Nifty Pharma index was the top sectoral loser, down 1.42 per cent. While Nifty Bank, Nifty Metal and Nifty Financial Services gained 1.49 per cent, 1.66 per cent and 1,07 per cent, respectively.
Broader market: Broader market underperformed equity benchmarks. S&P BSE MidCap index fell 0.20 per cent or 28 points to end at 14,392, while S&P BSE SmallCap index declined 0.23 per cent or 32 points to settle at 13,837.
What to watch out for: “The surge in the banking space today is an encouraging sign but we reiterate our view to limit positions to quality counters. Going ahead, the upcoming macroeconomic data viz. CPI, IIP data and Supreme Court hearing on AGR case (Friday) would be on investors’ radar,” said Ajit Mishra, VP – Research, Religare Broking Ltd