Market posted strong gains, most of Adani Group stocks recover
At close, the Sensex was up 1,961.32 points or 2.54% at 79,117.11, and the Nifty was up 557.35 points or 2.39% at 23,907.25.
Domestic equity benchmarks, Sensex and Nifty ended 0.5 per cent higher on Tuesday, tracking gains in index majors Reliance Industries, HDFC Bank and Bharti Airtel amid positive global cues. In addition to this, persistent FPI inflow also backed the gains.
The 30-share BSE index ended 247.79 points or 0.50 per cent higher at 49,517.11. It had earlier touched an all-time high of 49,569.14 during the day.
Similarly, the broader NSE Nifty advanced 78.70 points or 0.54 per cent to a fresh closing peak of 14,563.45. It scaled a record 14,590.65 during the session.
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Gainers on the Sensex were led by SBI, rallying around 4 per cent, followed by Bharti Airtel, Reliance Industries, HDFC Bank, ITC, Axis Bank and NTPC. On the other hand, Asian Paints, HUL, Nestle India, Titan and Kotak Bank were among the laggards.
In the broader market, the S&P BSE MidCap and SmallCap ended with gains at 0.4 per cent and 0.25 per cent respectively.
During the intro-day session, the S&P BSE MidCap had hit a high of 19,301.32.
According to Binod Modi, Head- Strategy at Reliance Securities, domestic equities remained resilient as they recovered sharply from the day’s low and recorded fresh highs.
Banking stocks once again defied red flags raised by RBI’s Financial Stability Report by recovering sharply from early losses, he said, adding that auto stocks continued to see healthy traction as well with expectations of good Q3 earnings and strong outlook.
Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 3,138.90 crore on Monday, according to exchange data.
Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended with gains, while Seoul was in the red.
Stock exchanges in Europe were largely trading on a positive note in early deals.
Meanwhile, the global oil benchmark Brent crude was trading 1.60 per cent higher at USD 56.55 per barrel.
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