Share Market News: Sensex And Nifty Trade Higher Amid Volatility. Metals Gain

Share market news: The two key equity benchmarks, Sense and Nifty, on Tuesday were trading in the green amid volatility along with a positive monsoon forecast. At 10.45 am, the BSE Sensex gained 130 points to 75,521. On the other hand, the NSE Nifty50 was trading at 22,987, up 54 points.

Stock update

On the 30-share Sensex platform, UltraCemco, Tata Steel, HUL, Wipro, Reliance, Bajaj Finance emerged gainers. On the down side, TechM, PowerGrid, Axis Bank, Sun Pharma, ICICI Bank, and NTPC were among the losers.

In the broader markets, the Nifty Midcap declined 0.17 per cent, while SmallCap was trading 0.09 per cent lower.

Sectoral update

Sectorwise, Nifty Metal advanced 0.80 per cent gains, while Realty was top loser down 1 per cent.

"Nifty is expected to continue its upward trend, though key events like the exit poll results, GDP data, and May F&O expiry could influence the market. Positive monsoon forecasts are likely to support agricultural output and economic growth," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

In the previous session on Monday, the BSE benchmark ended lower by 20 points at 75,391, while the NSE Nifty50 closed at 22,932, down 25 points.

Global update

In Asian markets, Seoul and Hong Kong were quoting in the positive territory, while Tokyo and Shanghai traded lower. US markets were closed on Monday for the Memorial Day holiday.

Global oil benchmark Brent crude climbed 0.23 per cent to $83.29 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 541.22 crore on Monday, according to exchange data.

Rupee gains 3 paise

The rupee appreciated by 3 paise to 83.10 against the US dollar on Tuesday, tracking a positive trend in domestic equities and weakness of the American currency in the overseas market.

Forex traders rupee is likely to trade with a positive bias tracking a positive trend in domestic equities and expectations of fresh foreign inflows, however, a recovery in crude oil prices may cap a sharp upside.

At the interbank foreign exchange market, the local unit opened at 83.14 and gained further ground to trade at 83.10 against the greenback, registering a gain of 3 paise from its previous closing level.

On Monday, the rupee pared its initial gains and settled for the day lower by 3 paise at 83.13 against the US dollar.