Gains in FMCG and pharma shares were offset by losses in energy and select banking stocks
Domestic stock markets turned choppy after a positive start on Tuesday amid gains in Asian equities which rose to three-month highs. The S&P BSE Sensex index climbed as much as 0.46 per cent - or 156.62 points - to touch 34,527.20 in the first few minutes of trade, after opening close to that level at 34,520.79. The broader NSE Nifty 50 benchmark rose to as high as 10,214.80, having started the day stronger at 10,181.15 compared to its previous close of 10,167.45. Gains in consumer goods and pharmaceutical shares were offset by losses in energy and select banking stocks.
At 9:27 am, the Sensex was up 26.09 points - or 0.08 per cent - at 34,396.67, while the Nifty was down 2.05 points at 10,165.40.
Equities elsewhere in Asia extended a rally to the ninth day in a row, as the lifting of coronavirus lockdowns in many countries fed investor hopes of a relatively quick global economic recovery.
MSCI's broadest index of Asia-Pacific shares outside of Japan registered its longest winning streak since early 2018. It was last up 0.76 per cent at a three-month peak.
Australia's S&P/ASX 200 jumped 2.5 per cent while Chinese shares started on a firm footing with the blue-chip CSI300 index rising 0.4 per cent.
Hong Kong's Hang Seng index climbed 1.2 per cent. However, Japan's Nikkei benchmark was down 0.5 per cent.
Global markets have been particularly encouraged by a May US jobs report last week that showed a surprise fall in the unemployment rate, sending Wall Street indices surging with the Nasdaq hitting a record close on Monday.
The markets were battered in March as investors fretted over extent of both the short and longer term damage to the world economy from the coronavirus pandemic. But most indices are now back to pre-COVID-19 levels.
On Monday, the World Bank predicted a 3.2 per cent contraction for India in 2020, and said the coronavirus will cause global economic output to contract by 5.2 per cent in 2020.
The S&P BSE Sensex index had ended 83.34 points - or 0.24 per cent - higher at 34,370.58 on Monday, and the broader NSE Nifty 50 benchmark settled at 10,167.45, up 25.30 points - or 0.25 per cent - from its previous close.
