Indian benchmark ended nearly 1 per cent higher on Tuesday amid strong buying in index heavyweights Reliance Industries and HDFC twins.
Sensex zoomed 562.75 points to settle at 60,655.72. During the day, it jumped 611.51 points or 1 per cent to 60,704.48. Nifty climbed 158.45 points or 0.89 per cent to end at 18,053.30.
Top gainers
Larsen & Toubro, Hindustan Unilever, HCL Technologies, HDFC Bank, HDFC, Reliance Industries, UltraTech Cement, Tata Consultancy Services and NTPC were the top Sensex gainers, rising up to 3.51% .
Top losers
State Bank of India, IndusInd Bank, Bajaj Finserv, Wipro, Tata Steel and Bajaj Finance were among the top Sensex losers, falling up to 1.67%.
Market breadth was marginally negative with 1,708 shares closing higher against 1,791 stocks falling on BSE. 145 shares were unchanged. However,113 shares hit their 52-week highs against 45 stocks hitting their 52-week lows on BSE.
BSE mid cap and small cap indices lost 14 points and 37 points, respectively.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “After reacting down from near the upper end of a triangle at 18050 levels on Monday, Nifty bounced back smartly on Tuesday and closed at the edge of upper end again. This signals a possibility of upside breakout of triangle pattern as per daily timeframe chart. The underlying short-term trend of Nifty is positive. The market is currently placed at the edge of upside breakout of the consolidation or triangle pattern around 18100 levels. A decisive upside breakout with confirmation could open a large upside for the market ahead. Any lack of strength during upside breakout is likely to result in reversal of uptrend.”
Top sectoral gainers were capital goods, IT, auto and oil and gas shares with their BSE indices rising 548 pts, 232 pts, 170 points and 175 pts, respectively.
Vinod Nair, Head of Research at Geojit Financial Services said,”The domestic market is attempting to gain, in comparison to its weak YTD performance, which was caused in anticipation of a soft Q3 result & union budget. We started the third quarter results on a shaky note, but the latest set of financial announcements from IT and banking blue chips are encouraging. Heavy weights are also pushing the counter, including the fact of the fall in windfall tax. Given the positive undercurrents, the trend should continue in the short term. However, a lot will depend on the second line of Q3 results, the budget outcome, and the Fed policy statement.”
Market cap of BSE-listed firms rose to Rs 281.86 lakh crore.
Foreign Institutional Investors (FIIs) offloaded shares worth a net Rs 750.59 crore on Monday, according to exchange data.
Previous session
Sensex and Nifty trimmed early gains and closed lower on Monday. Sensex fell 168.21 points to end at 60,092.97. Of 30 Sensex stocks, 15 ended in the red. Nifty dipped 61.75 points to close at 17,894.85. Axis Bank, NTPC, HDFC, HDFC Bank, Mahindra & Mahindra, ICICI Bank, Reliance Industries and Maruti Suzuki were among the top Sensex losers, falling up to 2.26%. Tech Mahindra, HCL Technologies, Infosys, Wipro, Tata Consultancy Services and Power Grid were among the top Sensex gainers rising up to 3.14%.
Global markets
Elsewhere in Asia, equity markets in Tokyo settled in the green, while Seoul, Shanghai and Hong Kong ended lower. Equity exchanges in Europe were trading in the negative territory in mid-session deals. Markets in the US were shut on Monday on account of Martin Luther King Jr Day. International oil benchmark Brent crude rose 0.67 per cent to $85.03 per barrel.
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