Market snaps 5-day losing streak led by realty, banking and metal
At close, the Sensex was up 498.58 points or 0.64% at 78,540.17, and the Nifty was up 165.95 points or 0.70% at 23,753.45.
Indian stocks edged up higher to be the best performers in Asia on Tuesday as traders made aggressive bets on banking, cement, realty futures where short covering was evident. Metals, FMCG and auto shares continued to attract buyers in late afternoon trade.
The Nifty built on fresh gains trading 45 points higher at 8,280 points as it cemented the support level of 8,250 points further. It was the best performing index in Asia and the top performer after its Russian peer. Here are the major trading events of the day:
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* The Nifty retraces marginally from an intra-day high of 8,287 points. The index is consolidating at 8-week highs as investors buy into potential winners in Prime Minister Modi's demonetization drive.
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* Hindalco, Adani Ports, Tata motors and Asian Paints rose between 1.9-3.9 per cent and were among 36 shares that gained on the Nifty.
* Axis Bank, Grasim, Ambuja Cement, HDFC and Power Grid lost between 0.6-1.1 per cent and were among 15 stocks that slipped on the index.
* The Sensex added 169 points to quote at 26,895 points on the Bombay Stock Exchange. ICICI Bank, ITC and Sun Pharma showed modest buying trends while Hindustan Unilever and Cipla slipped just a bit.
* Infosys, Axis Bank and ICICI Bank were the top traded stocks by value on the NSE.
* Hindalco, IFCI, Engineers India and Bajaj Hindusthan saw heavy volume based trading activity.
* FMCG stocks showed a mixed trend with heavy delivery based activity seen on front liners. While Dabur and ITC rose, Hindustan Unilever and Britannia dropped on delivery based selling.
* Strong delivery based trading was witnessed on BEML, Granules India and IDFC as well.
* Broader market indices gained between 0.3-0.5 per cent.
* The trend was mixed in the sectoral space with the PSU banking and realty indices showing a mild shade of red. Modest upticks were seen on Metals, IT, FMCG auto and banking shares.
* Overall, 1,600 shares advanced on the BSE while 1,044 stocks dipped.
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