Banking, IT, metal shares hog limelight on firm global cues
Sensex, Nifty rise for 2nd day as hopes of a demand revival in China on reports of loosening Covid restrictions cheer investors
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Mumbai: Benchmark stock indices Sensex and Nifty closed higher for a second straight day on Tuesday on gains in banking, IT and metal shares following a firm trend in the global markets.
The 30-share BSE Sensex jumped 361.01 points or 0.60 per cent to settle at 60,927.43. During the day, it rallied 420.26 points or 0.69 per cent to 60,986.68. The broader NSE Nifty climbed 117.70 points or 0.65 per cent to end at 18,132.30.
"With strong support from global peers, the domestic market is attempting to recoup its previous week's losses. Metal stocks shone amid hopes of a demand revival in China on reports of loosening Covid restrictions. This, along with fears over supply disruptions from winter storms in the US, resulted in oil prices rising," said Vinod Nair, Head of Research at Geojit Financial Services.
"Markets gained over half a per cent in a range bound session, tracking firm global cues. After the initial uptick, the Nifty surrendered all the gains in no time however buying in select index majors pushed the index to the day's high again as the day progressed," said Ajit Mishra, VP - Technical Research, Religare Broking Ltd.
In the broader market, the BSE smallcap gauge climbed 1.46 per cent and midcap index advanced 0.78 per cent. Among sectoral indices, metal jumped 4.59 per cent, commodities climbed 2.34 per cent, telecommunication (1.54 per cent), industrials (1.38 per cent), realty (1.38 per cent) and power (1.15 per cent). FMCG remained the only laggard.
