Sensex jumps 213 pts, Nifty50 above 9,230; REC soars 13%, Adani Power slumps 16%
NEW DELHI: Benchmark equity indices snapped their three-day losing streak on Tuesday and notched up solid gains amid select buying in banking, FMCG and IT stocks.
The BSE Sensex rallied 212 points to 29,788, while the Nifty50 index settled 55 points higher at 9,237. The Nifty Bank index hit a fresh all-time high during the session.
In the Nifty50 index, ITC (up 3.03 per cent), ICICI Bank (up 2.11 per cent), Ambuja Cement (up 2.08 per cent, Power Grid (up 2 per cent) and Bank of Baroda (up 2 per cent) were among the top gainers, while Adani Ports SEZ (down 5.38 per cent), Zee Entertainment (down 2.60 per cent), Tata Power (down 1.78 per cent), Cipla (down 1.64 per cent ) and Tata Steel (down 1.50 per cent ) were among the top losers.
Shares of Provogue India, Muthoot Capital, Jindal Worldwide, Ind-Swift and Sterling Bio hit fresh 52-week highs on NSE, while Nagarjuna Agri, GM Breweries, Poddar Deve, Persistent Systems and Shekhawati Poly touched new 52-week lows.
Among the 51 components in the Nifty index, 31 closed in the green, while 20 ended the day in the red.
“The market’s move was in line with prevailing uptrend, but the Nifty50 needs to sustain above 9,300 for further upmove. The earnings season is about to kick off and thus we advise investors to maintain a cautiously positive approach. Traders should keep their leveraged positions hedged, in view of volatile swings ahead,” said Jayant Manglik, President, Retail Distribution, Religare Securities.
The Nifty Bank index closed at a fresh all-time high of 21,736, up 216 points or 1 per cent, compared with the previous close of 21,520. Among the 12 components of the banking index, Punjab National Bank advanced the most at 3.88 per cent, followed by Federal Bank (up 2.11 per cent), ICICI Bank (up 2.11 per cent) and Canara Bank (up 2.04 per cent).
Shares of Tata Power and Adani Power closed lower after the Supreme Court set aside an order by the Appellate Tribunal for Electricity, allowing compensatory tariff to these companies.
Shares of Tata Power closed 1.84 per cent down at Rs 85, while Adani Power slipped 16 per cent to Rs 37.
In the sectoral landscape, FMCG stocks advanced the most, thanks to a rise in the shares of Bajaj Corp, Indo-National and Jyothy Laboratories. The S&P BSE FMCG index jumped 144 points to 9,352.
Stocks of capital goods firms emerged the second best performers, while metal stocks ended as worst laggards.
Among specific stocks, REC surged 13 per cent to Rs 206 apiece, while Karnataka Bank climbed 9 per cent to Rs 159.
Global Stocks
Stocks in China reversed earlier losses to end higher on Tuesday, led by the Shanghai benchmark index, which closed at a 15-month high.
The blue-chip CSI300 index rose 0.3 per cent to 3,517, while the Shanghai Composite Index added 0.6 per cent to 3,288.
European shares fell on Tuesday as banks and tech stocks weighed, led lower by a slump in Dialog Semiconductor's shares, though energy stocks provided support.
The BSE Sensex rallied 212 points to 29,788, while the Nifty50 index settled 55 points higher at 9,237. The Nifty Bank index hit a fresh all-time high during the session.
In the Nifty50 index, ITC (up 3.03 per cent), ICICI Bank (up 2.11 per cent), Ambuja Cement (up 2.08 per cent, Power Grid (up 2 per cent) and Bank of Baroda (up 2 per cent) were among the top gainers, while Adani Ports SEZ (down 5.38 per cent), Zee Entertainment (down 2.60 per cent), Tata Power (down 1.78 per cent), Cipla (down 1.64 per cent ) and Tata Steel (down 1.50 per cent ) were among the top losers.
Shares of Provogue India, Muthoot Capital, Jindal Worldwide, Ind-Swift and Sterling Bio hit fresh 52-week highs on NSE, while Nagarjuna Agri, GM Breweries, Poddar Deve, Persistent Systems and Shekhawati Poly touched new 52-week lows.
Among the 51 components in the Nifty index, 31 closed in the green, while 20 ended the day in the red.
“The market’s move was in line with prevailing uptrend, but the Nifty50 needs to sustain above 9,300 for further upmove. The earnings season is about to kick off and thus we advise investors to maintain a cautiously positive approach. Traders should keep their leveraged positions hedged, in view of volatile swings ahead,” said Jayant Manglik, President, Retail Distribution, Religare Securities.
The Nifty Bank index closed at a fresh all-time high of 21,736, up 216 points or 1 per cent, compared with the previous close of 21,520. Among the 12 components of the banking index, Punjab National Bank advanced the most at 3.88 per cent, followed by Federal Bank (up 2.11 per cent), ICICI Bank (up 2.11 per cent) and Canara Bank (up 2.04 per cent).
Shares of Tata Power and Adani Power closed lower after the Supreme Court set aside an order by the Appellate Tribunal for Electricity, allowing compensatory tariff to these companies.
Shares of Tata Power closed 1.84 per cent down at Rs 85, while Adani Power slipped 16 per cent to Rs 37.
In the sectoral landscape, FMCG stocks advanced the most, thanks to a rise in the shares of Bajaj Corp, Indo-National and Jyothy Laboratories. The S&P BSE FMCG index jumped 144 points to 9,352.
Stocks of capital goods firms emerged the second best performers, while metal stocks ended as worst laggards.
Among specific stocks, REC surged 13 per cent to Rs 206 apiece, while Karnataka Bank climbed 9 per cent to Rs 159.
Global Stocks
Stocks in China reversed earlier losses to end higher on Tuesday, led by the Shanghai benchmark index, which closed at a 15-month high.
The blue-chip CSI300 index rose 0.3 per cent to 3,517, while the Shanghai Composite Index added 0.6 per cent to 3,288.
European shares fell on Tuesday as banks and tech stocks weighed, led lower by a slump in Dialog Semiconductor's shares, though energy stocks provided support.
