Stock Market Snaps 2-Day Losing Run: Sensex Rises 305 Points; Nifty Around 22,200. Bank Index Slips

Stock update: On the 30-share Sensex platform, Tata Motors, TCS, IndusInd Bank, PowerGrid, Airtel, Sun Pharma emerged gainers. Bajaj twins, SBI, Axis Bank, NTPC, Asian Paints were among the losers

The two key equity benchmarks, Sensex and Nifty, on Tuesday snapped their 2-day losing run and closed in the green. The S&P BSE Sensex gained 305 points to close at 73,095. On the other hand, the NSE Nifty50 ended at 22,198, up 76 points.

On the 30-share Sensex platform, Tata Motors, TCS, IndusInd Bank, PowerGrid, Airtel, Sun Pharma emerged gainers. On the down side, Bajaj twins, SBI, Axis Bank, NTPC, Asian Paints were among the losers.

In the broader markets, BSE Midcap and Smallcap indices closed 0.07 per cent and 0.26 per cent, respectively.

Sectorally, Nifty PSU Bank index declined 0.56 per cent, while the Nifty Realty rose 1 per cent.

In the previous session on Monday, the S&P BSE Sensex closed 353 points lower at 72,790, while the Nifty50 settled at 22,122, down 91 points.

"Markets rebounded from 2-session losses as selective buying in frontline stocks aided recovery from early weakness. There is no major trigger and investors are taking cues from global markets. As we approach F&O expiry day on Thursday, volatility will begin to kick-in as traders will rollover their positions to next expiry day," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

In Asian markets, Tokyo, Shanghai, and Hong Kong settled in the green while Seoul ended lower. European markets were traded largely in the green. The US markets ended marginally lower on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 285.15 crore on Monday, according to exchange data.

Global oil benchmark Brent crude climbed 0.16 per cent to $82.66 a barrel.

Meanwhile, the rupee turned flat at 82.88 against the US dollar in early trade on Tuesday amid subdued equity market sentiment and withdrawal of foreign funds. According to forex analysts, support from a weak American currency was negated by higher level of crude oil prices even as investors adopted cautious move awaiting cues from domestic as well as global macroeconomic data.

At the interbank foreign exchange, the local currency opened at 82.87 and then slipped further to trade at 82.88 against the greenback, the previous day's closing level. On Monday, the rupee settled 3 paise higher at 82.88 against the US dollar.