Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
Equity benchmarks, Sensex and Nifty ended a half per cent higher on Tuesday, backed by gains in index majors HDFC Bank, ICICI Bank and Reliance Industries despite a weak trend in global markets.
The S&P BSE Sensex ended 280.15 points or 0.56 per cent higher at 50,051.44, while the Nifty advanced 78.35 points or 0.53 per cent to 14,814.75.
On the Sensex charts, UltraTech Cement was the leading gainer, rising around 3 per cent, followed by IndusInd Bank, ICICI Bank, HDFC Bank, Titan, Axis Bank, SBI and Maruti. On the other hand, ONGC, PowerGrid, ITC, NTPC, M&M and HDFC were among the laggards.
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Domestic equities rebounded sharply despite weak global cues mainly supported by a sharp recovery in financial stocks, said Binod Modi, Head – Strategy at Reliance Securities.
“The Supreme Court pronounced that waiver of compound interest during loan moratorium should be for all. While there is still ambiguity about who will be bearing the additional burden, the comfort about the possible end of uncertainty about banks’ NPAs led bank stocks to see sharp up-move,” he noted.
In the broader markets, the MidCap and SmallCap ended on a positive note with 0,95 per cent and 0.75 per cent respectively.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a negative note. Stock exchanges in Europe were also trading with losses in mid-session deals.
Meanwhile, the global oil benchmark Brent crude was trading 3.53 per cent lower at USD 62.34 per barrel.
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