After receiving a bailout package, shares of cash-strapped airline Jet Airways extended rally for the second consecutive day. Jet Airways shares gained more than 8.5 per cent to hit the day’s high at Rs 275.70 on NSE. NTPC, ONGC, Indiabulls Housing Finance, IOC and Coal India were the top gainers on the Nifty50, while Infosys ITC, HDFC Bank, Bharti Infratel and JSW Steel slipped the most on the index.
Meanwhile, broader markets outperformed frontline indices with the Nifty MidCap rising 0.4 per cent and the Nifty Smallcap advancing 0.5 per cent. All sectors except Nifty IT were trading in the green in early morning deals.
The sentiment remained shaky as US Treasury yields sank to their lowest since late 2017, adding to fears of a US recession. According to a report by news agency Reuters, MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in early trade after two days of losses. Japan’s Nikkei rebounded 1.1 per cent after a 3.0 per cent fall on Monday.
US stocks traded in red on Monday, extending the previous session’s sell-off, hit by worries of a slowdown in global economic growth and as Apple shares fell. But trading was choppy, with stocks moving back and forth between negative and positive territory during the session, said Reuters report.
The rupee strengthened by 15 paise to 68.81 against the US dollar in opening trade on Tuesday on fresh selling of the greenback by exporters. The Indian currency ended almost flat at 68.96 per US dollar as participants preferred to wait on the sidelines to see the outcome of Reserve Bank of India's first-ever rupee-dollar swap auction.