Domestic stock markets moved higher on Tuesday backed by gains in banking, financial services and metal stocks, with the benchmark NSE Nifty 50 index continuing its upmove for a sixth straight session. The 50-scrip Nifty basket of shares Nifty index as much as 0.92 per cent to 11,373.60 during the session – its highest intraday level recorded since March 5. The S&P BSE Sensex index climbed to as high as 38,550.74, up 0.97 per cent – or 368.66 points – from its previous close.
Gains in financial and metal shares boosted the markets, however losses in IT and pharmaceutical counters limited the upside.
The Sensex ended 224.93 points – or 0.59 per cent – higher at 38,407.01 and the Nifty settled at 11,322.50, up 52.35 points – or 0.46 per cent – from its previous close.
Zee Entertainment, JSW Steel, Axis Bank, Bharat Petroleum and IndusInd Bank, closing between 2.50 per cent and 5.16 per cent higher, jumped the most among the 33 gainers in the Nifty basket.
Shree Cement, Titan, UPL, Cipla and Dr Reddy’s – closing between 1.96 per cent and 3.87 per cent lower – were the top Nifty losers.
Metal stocks jumped amid signs of a recovery in Chinese economic activity powered gains. The Nifty Metal index – comprising stocks of 15 metals and mining stocks – settled 1.66 per cent higher, having risen as much as 3.26 per cent during the session.
A jump in Chinese iron ore futures on the Dalian Commodity Exchange and data pointing at China’s economy gathering pace boosted metal stocks in India, according to analysts.
Coronavirus infections in India jumped by 53,601 to 2.27 million on Tuesday, the third biggest caseload after the US and Brazil.
ICICI Bank shares ended 1.05 per cent higher at Rs 367.40 apiece on the BSE, after the private sector lender launched a share sale to raise up to Rs 15,000 crore.
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