Banking, IT shares push Sensex & Nifty upwards
Banking, IT shares push Sensex & Nifty upwards

Sensex and Nifty 50 rebounds after suffering huge losses for two days

Major indices of the Indian stock market, Sensex and Nifty 50 came back to the winning track on Tuesday after suffering huge losses in the last two trading days.

Both Sensex and nifty 50 gained nearly 0.5% on Monday as stocks related to banking companies and automobile entities performed better than expected.

Even though negative sentiments in global markets and fears of global economic slowdown continued to shake up capital markets, a stronger domestic economy and gains stacked up by domestic stocks helped indices get back to winning form.

Sensex

S&P BSE Sensex of the Bombay Stock Exchange gained 257.43 points (+0.44%) to close markets at 59,031.30 points. Sensex which previously closed at 58,773.87 opened markets on Tuesday at 58,205.97 points and went as high as 59,199.11 during the trading day. Sensex also crossed the 59k mark after a few days of high volatility in the market.

Top gainers on Sensex were Mahindra and Mahindra, Bajaj Finserve, Titan, Tata Steel, State Bank of India and Reliance Industries.

News about the launch of the Mahindra XUV300 facelift version and positive sentiments of traders towards Mahindra stocks helped Mahindra and Mahindra gain 46.3 rupees on Tuesday and conclude trading at 1272.70 rupees per share. With today’s gain, the stock of automobile companies is inching closer to a 52-week high of 1298.80.

The top losers on Tuesday were Tata Consultancy Services, Infosys, HCL Technologies, Hindustan Unilever, Tech Mahindra and Wipro.

Shares of Tata Consultancy Services lost 70.50 rupees per share on Tuesday to conclude training at 3,283.75 rupees. The continuing losses suffered by IT stock in global capital markets also affected the IT stock in Sensex.

Out of 30 stocks traded on the Sensex, 21 stocks advanced today while 9 stocks suffered various amounts of losses in their share value.

Nifty 50

The benchmark index of the national stock exchange, Nifty 50, gained 86.80 points (0.50%) on Tuesday to close the markets at the last trade price of 17,577.50.

Top gainers were Mahindra and Mahindra, Eicher Motors, Bajaj Finserve, Titan, Tata Steel and Hindalco.

Out of 50 stocks traded on the nifty 50, 42 stocks witnessed gains today while the rest of 8 stocks suffered losses.

Foreign institutional investors and foreign portfolio investors closed trading on Tuesday by becoming net buyers with a net value of 563.00 crore rupees after buying and selling.

Domestic institutional Investors ended up being net sellers today as they sold securities worth 5,791.10 crore rupees against a purchase of 5,575.90 crore Indian rupees. The net value of their trading activity stood at -215.20 crore rupees at the end of the day.