Stock Market Ends Higher For 2nd Straight Day. Sensex Gains 126 Points, Nifty Closes Above 18,200 Amid Volatility

Stock update: On the 30-share Sensex platform, Axis Bank, Titan, TCS, TechM, Sun Pharma, and others emerged winners

Sensex and Nifty, the two key equity benchmarks, closed higher for the second consecutive day in 2023 amid volatility. The domestic indices ended in the green, supported by gains in PSU banking and IT stocks.

The S&P BSE Sensex reversed over 250 points from day's low of 61,004 to close at 61,294, up 126 points. On the other hand, the broader NSE Nifty50 recouped intra-day's losses to close at 18,232, up 35 Points.

On the 30-share Sensex platform, Axis Bank, Titan, TCS, TechM, Sun Pharma, and others emerged winners. On the flip side, M&M, RIL, HUL, Tata Steel, Asian Paint, and others were the main losers.

Among individual stocks, shares of Power Finance Corporation (PFC) rallied 5 per cent to hit over five-year high at Rs 157.80 amid heavy volumes. Besides, shares of automobile companies were mixed in Tuesday's trade as the December sales figures highlighted diverse trends.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices surged up to 0.2 per cent.

India VIX, the volatility gauge, on the other hand, slipped over 2 per cent.

All sectors shifted between gains and losses in Tuesday's trade. Nifty Bank, Nifty Pharma, Nifty IT indices closed in positive territory, surging up to 0.7 per cent. However, Nifty Auto, Nifty Metal, Nifty FMCG, and Nifty Media indices declined up to 0.7 per cent.

In the previous session on Monday, the BSE Sensex closed 327 points higher at 61,168. On the other hand, the broader NSE Nifty touched a low of 18,086 but bounced back to close at 18,197, up 92 points.

Globally, the US equity futures inched higher on Tuesday ahead of a flurry of macro-economic data. Dow Jones Futures, NASDAQ Futures, and the S&P 500 Futures increased up to 1 per cent.

European markets, too, edged higher in trade as China's re-opening boosted travel stocks. Stoxx 600, FTSE 100, DAX, CAC 40 indices rose up to 2 per cent.

Meanwhile, the rupee pared initial gains and settled 8 paise lower at 82.86 (provisional) against the US dollar on Tuesday, weighed by a strong greenback overseas and sustained foreign fund outflows.

At the interbank foreign exchange market, the rupee opened on a positive note at 82.69 against the greenback, but pared the gains and fell to an intra-day low of 82.92. The domestic currency finally settled at 82.86, down 8 paise over its previous close of 82.78. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 1 per cent higher at 104.55.

Global oil benchmark Brent crude futures rose 0.02 per cent to $85.93 per barrel.

Foreign Institutional Investors (FIIs) remained net sellers in the capital markets on Monday as they offloaded shares worth Rs 212.57 crore, according to exchange data.