The Indian markets ended Tuesday higher by managing to keep away from the impact of the Moody’s downgrade of long-term sovereign ratings. The Indian benchmark indices closed the day over 1.5% higher. Furthermore, the strong performance of global cues weighed in on the markets to help them settle higher by boosting the sentiment.
The S&P BSE Sensex shot up 1.57% or 522 points. It closed the day at the 33,825.53 levels. Financial stocks led the gains in the index. The shares of Bajaj Finance, ICICI Bank, and HDFC duo witnesses high demand and resulted in the rallying of the BSE Sensex index.
The NSE Nifty closed Tuesday in the green. It gained 1.56% or 153 points to close the day at 9,979.10 points. All sectoral indices except the Nifty FMCG index ended today in positive territory. The NSE Realty index rallied 4.93% to close at 194.75 points. The NSE Nifty Media closed higher by 3.28% or 1,259.40 points.
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The Nifty FMCG index closed in the red. It settled Tuesday at 29,360 levels, losing 0.7%. In the broader markets, the S&P BSE SmallCap index jumped 1.83% to close at 11,428.41 points while the BSE MidCap index closed at 12,302.69 points, gaining 1.2%. The volatility index VIX collapsed 2.5% today.
The Japanese Nikkei shot up 1.2% to touch its recent peak since February. The Asian markets were on the upward run today as the share markets in Hong Kong, Taipei, and South Korea witnessed positive movements. European markets were on the rise today as automobile companies are hoping for a stimulus package while Luftansa, a German airline, agreed for a bailout powered by the state.
The oil prices were on the rising trend on the back of anticipation that producers will agree for cuts in their outputs. The oil producers are expected to meet through a video conference this week.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
