Stock Market Snaps 2-Day Losing Streak: Sensex Climbs 257 Points; Nifty Settles At 17,577
Stock update: Mahindra & Mahindra, Bajaj Finserv, Titan, Tata Steel, State Bank of India, Kotak Mahindra Bank, Sun Pharma, and IndusInd Bank advanced on the BSE
Sensex and Nifty, the two key equity benchmarks, on Tuesday snapped their two-day losing streak to close nearly half a per cent higher on Tuesday following gains in banking, metal, and auto stocks. The domestic indices oscillated between gains and losses throughout the session and eventually settled in the green tracking positive global cues.
The BSE Sensex climbed 257 points (0.44 per cent) to settle at 59,031. During the day, it hit a high of 59,199 and a low of 58,172. On the other hand, the broader NSE Nifty gained 86 points (0.50 per cent) to 17,577.
On the 30-share Sensex platform, Mahindra & Mahindra, Bajaj Finserv, Titan, Tata Steel, State Bank of India, Kotak Mahindra Bank, Sun Pharma, and IndusInd Bank advanced.
On the flip side, Tata Consultancy Services, Infosys, HCL Technologies, Hindustan Unilever, Tech Mahindra, Wipro, and HDFC Bank were the major losers.
In the broader market, the BSE MidCap and SmallCap indices added 1 per cent and 0.78 per cent, respectively.
Sectorwise, the Nifty PSU Bank index gained 2.34 per cent, while the Nifty IT index fell by same percentage.
In the previous session on Monday, the BSE benchmark had tumbled 872 points (1.46 per cent) to settle at 58,773, while the Nifty declined 267 points (1.51 per cent) to finish at 17,490.
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong ended lower. Stock markets in Europe were trading on a mixed note during mid-session deals. The Wall Street had ended sharply lower on Monday.
“Fear of uncertainty is visible in the market as they move with high volatility, led by weak signals from global peers, while a stronger domestic economy is providing some comfort. Global markets were under pressure with a spike in European energy prices and rate hike fears ahead of the Jackson Hole gathering,” said Vinod Nair, head of research, Geojit Financial Services.
On the domestic front, gains in banks, autos and metals were countered by selling in IT stocks as majors are scaling down variable pay due to margin pressure, Nair added.
Meanwhile, the international oil benchmark Brent crude was trading 1.43 per cent higher at $97.85 per barrel.
Foreign Institutional Investors (FIIs) offloaded shares worth Rs 453.77 crore on Monday, according to exchange data.
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