Gains across sectors pushed the markets higher
Domestic stock markets moved higher on Tuesday, with the benchmark NSE Nifty 50 index rising for a sixth straight session, led by gains in ICICI Bank following the launch of a share sale that shifted investors' focus away from the rising coronavirus cases in the country. The S&P BSE Sensex index jumped as much as 0.97 per cent - or 368.66 points - to touch 38,550.74 in morning deals, and the broader Nifty benchmark rose to as high as 11,373.60, up 0.92 per cent from its previous close. While gains in financial, consumer goods and metal shares pushed the markets higher, losses in pharmaceutical stocks limited the upside.
At 10:31 am, the Sensex traded 333.30 points - or 0.87 per cent - higher at 38,515.38 while the Nifty was up 93.00 points - or 0.83 per cent - at 11,363.15.
Tata Steel, JSW Steel, Hindalco, ITC, Zee Entertainment and Asian Paints - trading between 2.75 per cent and 3.68 per cent higher - jumped the most among the 36 gainers in the 50-scrip Nifty basket of shares. On the other hand, Titan, Shree Cement, UPL, Bharti Infratel and Cipla - trading between 1.39 per cent and 4.1 per cent lower - were the top Nifty losers.
HDFC, HDFC Bank and ITC were the top boosts for the Sensex, together contributing 150 points to the gain in the index.
Shares in ICICI Bank rose as much as 2.27 per cent to a more than two-week high, after the private sector lender set a floor price of Rs 351.36 per share for its qualified institutional placement (QIP).
Meanwhile, coronavirus cases in the country jumped by 53,601 to nearly 2.27 million as of Tuesday morning, including 45,257 deaths.
Share markets elsewhere in Asia moved higher as investors awaited a meeting between top US and Chinese trade officials on Saturday to review the first six months of the Phase 1 trade deal.
MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.91 per cent higher, while Japan's Nikkei 225 benchmark was up 1.86 per cent.
China's Shanghai Composite, Hong Kong's Hang Seng and South Korea's KOSPI indices were up 0.33 per cent, 2.40 per cent and 1.29 per cent respectively.
The E-Mini S&P 500 futures traded 0.20 per cent higher at the time, indicating a positive start for US markets on Tuesday.
On Monday, the benchmark S&P 500 index closed 0.27 per cent higher whereas the Dow Jones Industrial Average index rose 1.30, after US President Donald Trump signed executive orders to partly restore unemployment benefits after talks between the White House and top Democrats about fresh stimulus broke down last week.
