Index heavyweights such as Housing Development Finance Corporation (HDFC), ICICI Bank, ITC, Axis Bank and HDFC Bank were among top contributors
Following a strong trend in Asian stock markets, Indian share market indices BSE Sensex and Nifty 50 gained nearly a per cent on Tuesday. Sensex jumped to hit day’s high of 38,550, while Nifty 50 touched 11,373.60 in early trade. Index heavyweights such as Housing Development Finance Corporation (HDFC), ICICI Bank, ITC, Axis Bank and HDFC Bank were among top contributors. Gainers were led by Tata Steel, Axis Bank, ICICI Bank, HDFC, ITC and Asian Paints on Sensex, while Titan Company fell 3.73 per cent on weak April-June quarter earnings. “After crossing the hurdle of 11250 we have moved swiftly to over 11350 upon opening itself. We should be able to achieve 11400 and then 11500 in this intermediate upward rally. The Nifty support continues to be at 11100,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Metal stocks gain: Nifty Metal index gained the most, up 2.80 per cent, led by Hindustan Zinc, SAIL, Jindal Steel and Hindalco Industries. Nifty Bank index also supported the gains with Axis Bank, ICICI Bank, IDFC First Bank and RBL Bank as top index gainers.
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Earnings today: A total of 90 companies including Ashoka Buildcon, Bajaj Electricals, Bosch, Capacite Infraprojects, Central Bank of India, Chalet Hotels, Indoco Remedies, JMC Projects, Metropolis Healthcare, Motherson Sumi Systems, PTC India, RCF, RITES, Suven Life Sciences, Symphony, and VST Tillers Tractors, are scheduled to announce their quarterly earnings today.
Global markets: Asian stock markets were seen trading higher with Japan’s Nikkei up 1.8 per cent, Hong Kong’s Hang Seng up 2.4 per cent and South Korea’s Kospi up 1.61 per cent. In overnight trade on Wall Street, Dow Jones and S&P 500 gained while Nasdaq ended lower as investors awaited news on progress in a US fiscal support bill. The Dow Jones Industrial Average rose 1.31%, the S&P 500 gained 0.28%, and the Nasdaq Composite dropped 0.39%.
Titan Company falls over 4%: Titan share price declined over 4 per cent in early trade on Tuesday. The company reported a consolidated net loss of Rs 297 crore for the April-June quarter. The company had reported a net profit of Rs 364 crore in the corresponding period of the preceding fiscal.