Indian benchmark indices closed higher on Tuesday amid firm global market trends. Retail inflation fell below the RBI’s upper tolerance level of 6 per cent for the first time in 11 months in November which boosted sentiment on Dalal Street.
Sensex rose 402 points to close at 62,533. Of 30 Sensex stocks, 13 advanced while 17 declined. Nifty too advanced 48.85 points to end at 18,609.35, with 27 of its constituents closing in the red.
Sensex gainers
IndusInd Bank (2.46%), Bajaj Finance (1.75%), Infosys (1.65%), HCL Tech (1.60%) were the top Sensex gainers today.
Sensex losers
Nestle India (0.57%), Tata Steel (0.54%) , Maruti (0.43%), Titan (0.32%) , HUL (0.22%) and Dr Reddy’s (0.17% ) were the only Sensex losers.
Market cap of BSE-listed firms settled at Rs 290.02 lakh crore. BSE mid cap and small cap indices rose 66 points and 120 points, respectively.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, “Markets were on a firm footing on the back of short covering as retail inflation easing to 11-month low raised hopes that the rate hike regime could slow down and take a pause going ahead. Also, overnight gains in the US markets further aided the local market sentiment, which had slipped into a range-bound mode over the past few sessions.”
Also Read: Share Market News: Sensex, Nifty climb as inflation cools; Tata Motors, IndusInd Bank, TechM top gainers
On the outlook of market, Chouhan said, “Technically, the market not only reclaimed the 20 day SMA (Simple Moving Average) level but also closed above the same which is broadly positive. The bullish candle on daily carts and promising reversal formation is indicating the continuation of an uptrend wave in the near future. The uptrend texture is likely to continue in the near future and 18700-18725 would be the next resistance zone for the bulls. On the other hand, a fresh selloff could be seen only after the dismissal of 18450.”
Foreign institutional investors (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 138.81 crore on Monday, according to exchange data.
Meanwhile, the rupee fell 36 paise to close at 82.87 against the US dollar. Risk aversion sentiment among investors ahead of the US Federal Reserve’s interest rate decision also impacted trading, forex dealers said.
Previous session
Sensex closed lower on Monday while the Nifty settled flat amid a weak trend in global markets and continuous foreign fund outflows. Sensex fell 51.10 points or 0.08 per cent to end at 62,130.57. During the day, the 30-stock index tumbled 505.52 points or 0.81 per cent to 61,676.15. Nifty ended at 18,497.15, marginally higher by 0.55 points.
Global markets
Elsewhere in Asia, equity markets in Tokyo and Hong Kong ended in the positive territory, while Shanghai and Seoul settled lower. Equity exchanges in Europe were trading in the green in mid-session deals. The US markets had ended higher on Monday. International oil benchmark Brent crude climbed 1.60 per cent to $79.24 per barrel.
