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Indian equity benchmark indices BSE Sensex and Nifty 50 closed higher on Tuesday, tracking overnight gains in the US markets that closed sharply higher on Monday.
At the closing bell, the BSE Sensex was up 361 points, or 0.44 per cent higher at 81,921, while the Nifty50 closed at 25,041, up 104 points, or 0.42 per cent higher.
Among the 30 Sensex firms, Power Grid, Bharti Airtel, Axis Bank, Tata Steel, NTPC, Sun Pharma, Larsen & Toubro and Titan were the biggest gainers. Bajaj Finserv, Mahindra & Mahindra, Bajaj Finance and Kotak Mahindra Bank were among the laggards.
Suzlon Energy shares rise over 3% in early morning trade. The company announced yesterday (June 9) that it had received India’s largest wind energy order of 1,166 MW from NTPC Green Energy, the renewables arm of NTPC.
There are some significant recent trends in the market: One, there is weakness in the mid and small caps segments; two, the banking segment which has been a consistent underperformer is exhibiting resilience and is moving up; three, defensives like pharmaceuticals and FMCG are slowly gaining and there are signs of accumulation in these segments, said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global Cues
US stocks closed sharply higher on Monday and the dollar strengthened. All three major US stock indices surged more than 1 per cent, with the S&P 500 and the Dow ending a four-session losing streak, bouncing back from their biggest weekly percentage losses since March 2022. The tech-heavy Nasdaq also staged a comeback.
The strong showing overnight in the US were driving Asia-Pacific markets higher on Tuesday. Japan’s Nikkei 225 was up 0.52 per cent, while the broad-based Topix was 0.65 per cent higher. Australia’s S&P/ASX 200 had gained 0.69 per cent, and South Korea’s Kospi index was up 0.17 per cent, while the small-cap Kosdaq also rose 0.18 per cent.
Meanwhile, Hong Kong’s Hang Seng index futures were at 17,216, higher than the HSI’s last close of 17,196.96.
