11
NEW DELHI: Indian equity benchmarks rose for a fourth straight session on Tuesday, buoyed by positive global cues following China's President Xi Jinping’s comments on the opening up of world's second-largest economy.
Other than the favourable global cues, buying in metal, bank and IT stocks and hopes of better earnings boosted market sentiment.
The earnings season will be kick started by IT major Infosys this Friday.
The Nifty50 index gained 23 points, or 0.22 per cent, to close at 10,402, with 26 stocks in the green and 24 in the red.
The BSE Sensex settled 92 points, or 0.27 per cent, up at 33,880 with 17 stocks advancing, while 14 declining.
“Market remained rangebound despite a rally in global markets owing to positive signal from China on trade tariffs.
Metal and realty outperformed due to ease in global trade tensions, while surge in oil price and bond yield refrained heavyweights to participate.
On the macro front, domestic market is reversing from the support level in expectation of pick up in Q4 earnings and further moderation in (March) CPI inflation to 4.2 per cent against 4.44 per cent in the previous month,” said Vinod Nair, Head of Research, Geojit Financial Services.
BSE Midcap and Smallcap indices marginally underperformed benchmark Sensex, closing 0.18 per cent up and 0.02 per cent down, respectively.
The pack of Sensex gainers was led by Axis Bank, which surged over 5 per cent after the board of directors informed the RBI that CEO Shikha Sharma has requested them to reduce her fourth term up to December 2018 instead of the earlier May 2021.
ICICI Bank, Adani Ports, Tata Steel and Coal India too figured among the top gainers of the day, each gaining over 2 per cent in the Sensex index.
Metal stocks including Hindalco, NMDC, NALCO and Vedanta saw decent gains on Tuesday after the US imposed sanctions on Russian aluminum giant Rusal, world's largest aluminium producer.
As per brokerage firm Edelweiss, Hindalco may benefit from sanctions on Rusal due to integrated nature of its domestic operations.
Vedanta too may benefit as it will be able to pass on higher cost of alumina in a better manner.
Sugar stocks K M Sugar Mills, Rana Sugars, Dwarikesh Sugar Industries, Uttam Sugar Mills and Magadh Sugar hogged limelight on Tuesday after Reuters reported, citing sources that the government was planning to provide financial support to cane farmers for their yield sold to sugar mills.
Tata Motors, Mahindra Mahindra, Hero MotoCorp and HDFC Bank declined up to 1.37 per cent in the Sensex index, remaining as the top losers of the day.
Among the sectors, auto, healthcare, FMCG and consumer discretionary goods services closed the day in the red.
Global stocks were in the positive terrain after the trade war fears waned.
