Stock market extends winning steak; PSU bank at new high
Sensex closed 487 points, or 0.66%, higher at 74,339.44 while the Nifty closed the day with a gain of 168 points, or 0.75%, at 22,570.35 on the monthly F&O expiry day.
Indian stocks negated weak overseas cues as they consolidated in a narrow, upward band on Tuesday with traders betting aggressively long on infrastructure, metals and power stocks. Local sugar companies remained upbeat on expectations of a further rise in commodity prices in global markets.
The Nifty rose 37 points to 8,273 points post the first hour of trade as investors positioned themselves ahead of third quarter earnings which are likely to be kickstarted by IndusInd Bank. Traders also took heart from a substantial 4 percent overnight drop in global crude oil prices and a relatively weak US Dollar. Meanwhile, here are the major events in the trading day so far:
* The Sensex rose 129 points to 26,855 points on the Bombay Stock Exchange. Tata Motors was the top gainer and Axis Bank lost the most. Infosys was the top traded stock on the index.
Advertisement
* Hindalco, BPCL, Tata Steel and Adani Ports rose between 1.4-3.3 per cent and were among 39 shares advancing on the Nifty.
* Tech Mahindra, Ambuja Cement, IndusInd Bank and Grasim shed .05-1.1 per cent and were among 12 decliners on the index.
* Axis Bank, Infosys and Bharat Earth Movers were the top traded shares by value on the NSE.
* JP Associates, Reliance Communications and IFCI saw hectic volume based trading.
* Broader market stocks enjoyed a modest bounce in early Tuesday deals with the Nifty 100, 200 and 500 indices rising 0.5 per cent each.
* All sectoral indices rose between 0.1-1.3 per cent. The Nifty Metals, FMCG and Auto benchmarks showed the strongest traction.
* Delivery based buying was seen in Hindustan Unilever, Dabur, Glenmark and GAIL, while similar selling was observed in HDFC.
* PTC, Engineers India, Axis Bank, Kaveri Seed and Arvind saw massive rise in speculative interest on the futures market.
* Overall, 1,422 shares gained in the wider market compared with 678 that fell.
Advertisement
