INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Private bank stocks and blue chip Reliance Industries lifted key benchmark indices by over half a per cent on Tuesday, helping
recoup the previous session's losses
The market for the most part meandered through gains and losses, but a recovery in European shares along with rupee's rise against the
dollar gave investors some confidence
Driven by banking and auto shares, the BSE benchmark Sensex rose 239 points, or 0.62 per cent to 38,939 while its NSE counterpart Nifty
ended at 11,672, up 67 points or 0.58 per cent
The advance-decline ratio, however, leaned more towards the sellers side, indicating underlying bearishness in market.
How did the market
look like todayOf the Sensex scrips, 25 settled on the higher side while five slipped
YES Bank with gains of 4.08 per cent topped the chart
Tata Motors, ICICI Bank, Bajaj Auto, Coal India and HCL Tech trailed, rising up to 3 per cent
Meanwhile, Asian Paints lost big by 3.54 per cent after CLSA downgraded the stock to 'Sell' from 'Outperform' while reducing the target
price to Rs 1,400 from Rs 1,565
The brokerage has cut the EPS estimate by 2-5 per cent led by revenue cuts
Sectorally, barring telecom and consumer durables, all other indices ended in the green
Realty, auto and bankex were the best performing sectors, rising over a per cent each
The day was not as rosy for midcap and smallcap indices
Though BSE Midcap managed to end on a positive note, up 0.15 per cent, the Smallcap index declined by 0.10 per cent
What made the stocks come alive Rupee reboundsThe rupee surged by as much as 39 paise against the dollar on Tuesday even as oil prices
The domestic currency hit intra-day high of 69.28 against the greenback
It looked to snap its four-day losing streak
European shares march aheadBank stocks helped European shares shrug off early weakness on Tuesday, but gains were kept in check by a drop
in shares of Airbus and its suppliers after the US ratcheted up a trade dispute with the European Union over aircraft subsidies
A rise in bank shares following two days of losses helped the pan-region STOXX 600 index up 0.4 per cent in thin trade
Most European bourses posted small gains.
The positive sentiment in global peers rubbed off on Indian equities, too.
Expert TakeVinod Nair,
Head of Research, Geojit Financial Services
Market gained after a range-bound movement on expectations of a turnaround in earnings growth
led by Q4 FY19 results starting this week while positive global peers aided the market
Banks outperformed as outlook improved led by reduction in stressed assets, repo rate and pick-up in credit growth
But valuation is at a premium level while start of the first phase of polling may bring volatility to the market.
