Domestic bourses closed higher for the second consecutive day on Tuesday on buying in select financials apart from metals and power sectors amid a strong trend in global markets. However, losses in heavyweights like Reliance Industries, ICICI Bank and Airtel capped gains in both Sensex and Nifty. BSE’s 30-share benchmark Sensex closed up 79.22 points, or 0.12 percent, at 65,075.82 points. At one point it rose to 232.43 points during trading.
The National Stock Exchange (NSE) index Nifty also closed up 36.60 points or 0.19 percent at 19,342.65 points.
Sensex-linked Jio Financial Services Limited was the top gainer of 4.72 percent. Shares of Tata Steel, Tech Mahindra, NTPC, JSW Steel, Power Grid, Ultratech Cement, HCL Technologies and HDFC Bank were also big gainers.
On the other hand, Bharti Airtel, Hindustan Unilever, Axis Bank, Reliance Industries, Kotak Mahindra Bank, ICICI Bank and IndusInd Bank closed with losses.
“Global markets gained momentum on expectations of no further rate hikes from the Federal Reserve,” said Vinod Nair, head of research at Geojit Financial Services. However, sector-wise and compared to mid-cap and small-cap stocks, heavyweight stocks were soft.
Nair said favorable signals from the Chinese government have increased demand for metal stocks. Apart from this, sectors like consumer durables, manufacturing, power and real estate also benefited from festive demand.
In other Asian markets, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng closed higher. European markets were trading with a positive trend. American markets rose on Monday.
International oil benchmark Brent crude rose 0.63 percent to $84.95 a barrel. According to stock market data, on Monday Foreign Institutional Investors (FIIs) invested Rs. 1,393.25 crore worth of shares were sold.