Indian stock markets ended higher on Tuesday after a long weekend as Sensex gained 300+ points and Nifty 50 closed market above 17800.
The latest data on easing inflation in the Indian economy and cooling off in the consumer price index helped stocks gain trust in the market. Expectations of lower rate hikes by RBI and increasing economic recovery also assisted Sensex and Nifty 590 make considerable gains on Tuesday.
Sensex
S&P BSE SENSEX of Bombay Stock Exchange gained 379.43 points on Tuesday to conclude trading at 59,842.21. The index which closed at 59,842.21 points on Friday opened at 59,675.12 points on Tuesday and went as high as 59,923.03.
Top gainers on Sensex on Tuesday were Maruti, Mahindra and Mahindra, Asian Paints, Hindustan Unilever, Ultra Tech Cements and HDFC Bank.
Indian automobile giant Mahindra and Mahindra made an announcement a few days ago about their plans to build multiple SUV variants of cars which would be run by electric energy. This along with the performance of the company in the last quarter pushed traders sentiments upwards about the stock. The automobile stock gained 28.70 rupees (2.28%) on Tuesday to close trading at 1,288.40 rupees per share. With today’s gain, Mahindra and Mahindra stocks are nearing a 52-week high of 1298.80.
Almost all banking stocks including Axis Bank, ICICI Bank, Indus Ind Bank and Kotak Mahindra Bank advanced today. State Bank of India was the only stock to close in red from banking stocks on Sensex.
State Bank of India, Bharti Airtel, Bajaj Finance, Tata Consultancy Services and NTPC were top losers on Sensex on Tuesday.
Out of 30 stocks traded on S&P BSE SENSEX, 25 stocks advanced, while 5 stocks saw a decrease in the share value.
In sectoral indices, the automobile index of Bombay stock exchange, S&P BSE AUTO was top gainer on the day as the index gained 761.88 points to conclude trading at 30,379.58. S&P BSE OIL & GAS also came to the top by gaining 348.16 points on Tuesday.
Nifty 50
The benchmark index of the National Stock Exchange, nifty 50, gained 127.10 points on Tuesday to close the market at the last trade price of 17,825.25. Nifty 50 which closed at 17,698.15 on Friday opened today at 17,797.20 and went as high as 17,839.10.
Top gainers on Nifty 50 today were HDFC Life, Adani Ports, Adani ports, Eicher Motors, BPCL, Maruti and Tata Motors.
The top losers on the index were Grasim, Hindalco, JSW Steel, Bharti Airtel, State Bank of India and Bajaj Finance.
Out of 50 stocks traded on the index, 45 stocks ended in green, while only 8 stocks concluded trading in decline.