The Indian benchmark indices closed Tuesday nearly 0.5% higher. The BSE Sensex continued its rallying trend to the tenth in succession while the NSE Nifty closed the day just short of the 14,200 levels. The cues’ surge is attributed to a strong buying trend noticed in the banking and IT sectors.
The approval to use two vaccines on an emergency basis has had a positive impact on the markets. This has led to speculation among the traders as to whether the economy would recover faster. Today’s market performance has outdone another economic setback’s worries due to the latest lockdown restrictions imposed across European countries.
The S&P BSE Sensex closed at 48,437.78 points. It moved ahead by 0.54% or 260.98 points over Tuesday. As many as sixteen of the thirty stocks that constitute the index closed the day on a positive note while the remaining fourteen tanked. Axis Bank outperformed by gaining 6.31% over the day.
HDFC and IndusInd Bank followed. Their share price shot up by 2.78% and 2.68% respectively. The share price of TCS, Asian Paints and HCL Tech advanced by 1.75%, 1.40% and 1.19% respectively. Titan, ICICI Bank, Nestle India, Hindustan Unilever, HDFC Bank, and Infosys saw their share price jump by 1.17%, 1.02%, 1%, 0.97%, 0.71%, and 0.38% respectively.
UltraTech Cement, Dr Reddy’s, Tech Mahindra and SBI were the other stocks to close the day positively. The state-owned ONGC emerged as the top loser in the index. Its share price fell by 2.06%. Bajaj Finance and NTPC followed with their share price going down by 1.83% and 1.31% respectively. Kotak Bank was the only bank to close Tuesday lower.
The NSE Nifty 50 closed the day 66.60 points or 0.47% higher. It ended at 14,199.50 points. Twenty-three of the fifty stocks that form the Nifty index shot up while the remaining twenty-seven fell. Axis Bank and HDFC led the gains in the index while ONGC and JSW Steel led the gains’ curtailing.
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