Sensex, Nifty rebound in line with Asian peers; financial stocks shine

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Equity benchmark Sensex logged its best session in over six weeks on Tuesday on account of hectic buying mainly in financial stocks as investors cheered steady economic data and favourable global cues.

At the closing bell, the BSE Sensex was 397.04 points or 0.76 per cent higher at 52,769.73  breaking its three-session losing treak. This was also the best single-day gains for the benchmark since May 31.

Likewise, the broader NSE Nifty surged 119.75 points or 0.76 per cent to settle at 15,812.35.

On the Sensex chart, ICICI Bank was the top gainer, surging 2.83 per cent, followed by HDFC, Axis Bank, Sun Pharma, NTPC and M&M.

On the other hand, HCL Tech, Dr Reddy’s, Maruti and Tech Mahindra were among the laggards.

Of the Sensex constituents, 21 shares closed with gains and 9 logged losses. Sectorally, BSE bankex, finance, metal, energy and basic materials ended up to 1.41 per cent higher, while BSE IT, teck and FMCG indices ended in the red.

Broader midcap and smallcap indices underperformed the benchmark, settling up to 0.46 per cent higher.

“Following favourable economic outcome and positive Asian markets, domestic bourses traded positive today. Asian shares sparked a rally after better-than-expected Chinese economic data and a bounce back in Chinese tech stocks,? said Vinod Nair, Head of Research at Geojit Financial Services.

Though June CPI inflation continued to remain above RBI’s tolerance level, it eased to 6.26 per cent from 6.30 per cent in the previous month, giving some relief to the market, he said.

Industrial production (IIP) for May grew 29.3 per cent Y-o-Y essentially due to a lower base, Nair noted.

Elsewhere in Asia, bourses in Shanghai, Seoul, Hong Kong and Tokyo ended with gains. Stock exchanges in Europe were trading mixed in mid-session deals.

Meanwhile, international oil benchmark Brent crude advanced 0.56 per cent to USD 75.58 per barrel.

On the forex market front, the rupee ended 9 paise higher at 74.49 against the US dollar on Tuesday.

 





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