Share Market Today: Sensex Jumps 400 Points; Nifty Around 24700. Banks, Metals Lead
Share Market Today: On the 30-share Sensex platform, TCS, IndusInd Bank, UltraCemco, Axis Bank, Bajaj Finserv, Kotak Bank were among early gainers
Share market today: The two key equity benchmarks, Sensex and Nifty, on Tuesday are trading higher amid strong global trends. At 10 am, the BSE Sensex jumped 419 points to 80,844. On the other hand, the NSE Nifty50 gained 123 points to 24,696.
Stock update
On the 30-share Sensex platform, TCS, IndusInd Bank, UltraCemco, Axis Bank, Bajaj Finserv, Kotak Bank were among early gainers. On the down side, Airtel, Tata Steel, JSW Steel, Tata Motors, Adani Ports emerged losers.
In the broader markets, Nifty Smallcap advanced 0.51 per cent, while the Midcap index rose 0.48 per cent.
Sectoral update
Sectorwise, Nifty Metal and Oil Marketing Companies are the top gainers, rising up to 0.70 per cent. Buying is also seen in auto, bank, IT stocks. Capital goods, realty, and media stocks are in the red.
In the previous session on Monday, the BSE Sensex closed at 80,425, down 12 points, while the NSE Nifty50 ended at 24,573, up 32 points.
"Much of the strength and rally at Dalal Street is in the backdrop of steady SIP flows by retail investors. Global factors will be keenly watched as local investors would be eyeing the July FOMC (Federal Open Market Committee) meeting minutes to be released on Wednesday," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Global update
In Asian markets, Seoul and Tokyo traded higher, while Shanghai and Hong Kong quoted lower. The US markets ended in positive territory on Monday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,667.46 crore on Monday, according to exchange data. However, Domestic Institutional Investors (DIIs) bought equities worth Rs 1,802.92 crore.
Global oil benchmark Brent crude dipped 0.79 per cent to $77.05 a barrel.
Rupee trades flat
The Indian rupee pared its initial gains and turned flat at 83.87 against the US dollar in early trade on Tuesday, as positive domestic equity markets and a weak American currency was negated by the outflow of foreign capital. Forex traders said softening crude oil prices supported the local unit and prevented its fall.
At the interbank foreign exchange, the rupee opened at 83.86 against the greenback, inched up to 83.84 before trading again at its previous session's closing level of 83.87 against the dollar. On Monday, the rupee settled 8 paise higher at 83.87 against the American currency.
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