Most of the sectoral indices ended with gains. Nifty Bank index jumped nearly 2 per cent led by gains in HDFC Bank, ICICI Bank and Kotak Mahindra Bank
Staging a smart recovery, BSE Sensex and Nifty 50 index settled with one per cent gain on Tuesday. Indian share market turned negative in the intraday deals after the news report suggested that one army officer and two soldiers were killed in a violent face-off with Chinese troops last night in Galwan. The 30-share Sensex fell 1,069 points from day’s high during the trade and rose 650 points from day’s low to settle at 33,605. Similarly, after touching the day’s low of 9,728, the broader Nifty 50 index reclaimed 9,900-mark to close the session on a positive note. “Dalal Street witnessed significant volatility amidst India-China tension in Ladakh. The markets finally managed to recover lost ground helped largely by the HDFC Twins & ICICI Bank in late afternoon trade,” said S Ranganathan, Head of Research at LKP Securities.
HDFC twins lead the gains: Index heavyweights such as HDFC Bank, HDFC, ICICI Bank, Infosys, Kotak Mahindra Bank, TCS and Reliance Industries were the top index contributors today. Among top Sensex draggers were Tech Mahindra, Axis Bank, IndusInd Bank, ITC, SBI and Bharti Airtel.
Nifty Bank index jumps 2%: Most of the sectoral indices ended with gains. Nifty Bank index jumped nearly 2 per cent led by gains in HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Federal Bank. On the contrary, Nifty FMCG, Nifty Pharma, Nifty PSU Bank and Nifty Realty ended in the red.
Broader market: The broader market, mid-caps and small-caps, underperformed the benchmarks, as their sectoral indices on BSE closed 0.37 per cent and 0.04 per cent higher.
India-China tensions flare-up: Indian troops seriously violated consensus of the two sides by illegally crossing the border twice and carrying out provocative attacks on Chinese soldiers, ANI quoted China’s Global Times as saying. “Investors seem to have set aside the news emerging from the border and are still hoping on the fact that liquidity will keep propping the markets, for the time being. India can ill-afford another battlefront since it is still battling the virus pandemic and will need to be watched out for,” said Vinod Nair, Head of Research at Geojit Financial Services.