The domestic equity market ended around 1 per cent higher on Tuesday, led by gains in financial and FMCG stocks. Further, hopes of higher inflows after MSCI said it will implement the new regime on foreign ownership limits in the MSCI Global Indexes containing Indian securities in the November 2020 Semi Annual Index Review, also boosted investor sentiment.
Among headline indices, the S&P BSE Sensex rallied 377 points, or 0.94 per cent to settle at 40,522 levels while the Nifty50 index ended at 11,889, up 122 points, or 1 per cent. India VIX declined nearly 3 per cent to 22.19 levels.
Among sectoral indices, Nifty Private Bank index gained the most - up over 3 per cent to 13,756 points while Nifty Bank added nearly 3 per cent to 24,769.50. Nifty IT, on the other hand, slipped over 1 per cent to 21,023 levels.
In the broader market, the S&P BSE MidCap index gained 1.65 per cent to 14,954 levels while the S&P BSE SmallCap index rallied 0.6 per cent to 15,090 levels.
Buzzing stocks of the day
Shares of midcap companies were in focus with the S&P BSE Midcap index outperforming the market by gaining more than 1 per cent on the back of strong rally in Shriram Transport Finance Company, MRF and Muthoot Finance, which were up more than 6 per cent on the BSE on Tuesday.
Shares of Ipca Laboratories hit an all-time high during the session. For the April-June quarter (Q1FY21), Ipca had reported over three-fold jump in its consolidated net profit at Rs 446 due to robust sales.
Shares of Nestle India gained 6 per cent to Rs 17233 on the BSE. The stock has risen over 7 per cent in the past two trading days after the company reported stronger-than-expected recovery with double-digit sales growth for the quarter ended September 2020 (Q3CY20).
Global markets
European equities fell in early trade on Tuesday trading as risk-aversion swept markets, with a resurgence of coronavirus cases threatening the global economic recovery and caution ahead of US elections on November 3.
In commodities, oil prices rose towards $41 a barrel as oil companies shut down some US Gulf of Mexico oil output due to a hurricane, although surging coronavirus infections and rising Libyan supply limited gains.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU