The Indian equity benchmarks moved higher on Tuesday paced by gains in banking and financial services shares.
The Indian equity benchmarks moved higher on Tuesday paced by gains in banking and financial services shares like ICICI Bank, Axis Bank, Tata Consultancy Services, State Bank of India, Kotak Mahindra Bank and Asian Paints. Meanwhile, Asia’s share markets were mostly higher Tuesday as regional equity investors looked to signs of recovery from the coronavirus pandemic as major economies around the world reopen. Back home, the Sensex rose as much as 278 points to hit an intraday high of 48,996.53 and Nifty 50 index briefly moved above its important psychological level of 14,700.
As of 9:25 am, the Sensex was up 159 points at 48,877 and Nifty 50 index advanced 64 points to 14,698.
Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty PSU Bank index’s nearly 3 per cent gain. Nifty Bank, Metal, Auto, Financial Services, Private Bank and Realty indices also rose between 0.7-1.7 per cent.
On the other hand, select FMCG and pharma shares were facing selling pressure.
Mid- and small-cap shares were outperforming their larger peers as Nifty Midcap 100 index rose 1.2 per cent and Nifty Smallcap 100 index advanced 0.84 per cent.
Among the individual shares, Tata Chemicals shares plunged more than 6 per cent after the chemicals giant reported a huge decline in profit in the quarter ended March 2021. At 9:22 am, the shares of Tata Chemicals were trading at Rs 732, lower by 6.50 per cent, on the BSE.
The Tata Group company’s net profit declined 85 per cent to Rs 29 crore in the fourth quarter ended March 2021 from Rs 198 crore in corresponding quarter of the previous year.
Hindalco was top Nifty gainer, the stock rose 3.53 per cent to Rs 383. Coal India, Indian Oil, Bharat Petroleum, Axis Bank, State Bank of India, UPL, ICICI Bank, Bajaj Finance, ONGC, IndusInd Bank and Tata Motors also rose between 1-2 per cent.
On the flipside, Shree Cement, Wipro, Reliance Industries, Titan, Hindustan Unilever, Power Grid, Infosys, HDFC Bank, Grasim Industries and Cipla were among the losers.
The overall market breadth was positive as 1,611 shares were advancing while 622 were declining on the BSE.