Sensex, Nifty rise for 2nd day as banking, metal shares shine

Mumbai: Benchmark stock indices Sensex and Nifty closed higher for a second straight day on Tuesday on gains in banking, IT and metal shares following a firm trend in the global markets.

The 30-share BSE Sensex jumped 361.01 points or 0.60 percent to settle at 60,927.43. During the day, it rallied 420.26 points or 0.69 percent to 60,986.68.

The broader NSE Nifty climbed 117.70 points or 0.65 percent to end at 18,132.30.

From the Sensex pack, Tata Steel, Tata Motors, Larsen & Toubro, Asian Paints, Wipro, Bajaj Finance, ICICI Bank, Tech Mahindra and Titan were the major winners.

Hindustan Unilever, ITC, Mahindra & Mahindra and Nestle were the laggards.

“With strong support from global peers, the domestic market is attempting to recoup its previous week’s losses. Metal stocks shone amid hopes of a demand revival in China on reports of loosening COVID restrictions. This, along with fears over supply disruptions from winter storms in the US, resulted in oil prices rising,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Markets gained over half a percent in a range bound session, tracking firm global cues. After the initial uptick, the Nifty surrendered all the gains in no time however buying in select index majors pushed the index to the day’s high again as the day progressed,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.

In the broader market, the BSE smallcap gauge climbed 1.46 percent and midcap index advanced 0.78 per cent.

Among sectoral indices, metal jumped 4.59 percent, commodities climbed 2.34 percent, telecommunication (1.54 percent), industrials (1.38 percent), realty (1.38 percent) and power (1.15 percent).

FMCG remained the only laggard.

Elsewhere in Asia, equity markets in Seoul, Tokyo and Shanghai ended with gains.

Equity exchanges in Europe were trading in the positive territory in mid-session deals. Markets in the US were closed on Monday.

International oil benchmark Brent crude climbed 0.49 per cent to USD 84.33 per barrel.

Foreign institutional investors (FIIs) offloaded shares worth Rs 867.65 crore on Tuesday, according to exchange data.

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