Continued rally in banks (barring HDFC Bank), metals, capital goods, auto (barring Maruti) and oil & gas helped the market maintain its early trade gains.
Euro zone finance ministers approved a bailout for Greece that will resolve its immediate financing needs with a 130-billion-euro rescue package and measures to cut its debt to 121% of GDP by 2020.
"Greece is, of course, good news for the market, it is very positive news," said Kishor P. Ostwal, chairman of CNI Research. Asian markets too recovered from day's low.
Back home, banks stocks like SBI and ICICI Bank were up 1.7% & 0.5%, respectively. Metals stocks like Hindalco and Tata Steel shot up 3% each; JSPL and Sterlite gained 1%.
Major largecaps like ONGC and BHEL moved up 3.6% & 4.6%, respectively. Among others, ITC, L&T and Bharti Airtel rose 0.4-0.9%.
Index heavyweight Reliance Industries was flat. However, TCS, HDFC Bank, Infosys, Wipro and Maruti fell 0.3-0.9%.
The broader markets outperformed benchmarks – the BSE Midcap Index was up 0.85% and Smallcap up 1.2%.
India's annual consumer price inflation was 7.65% in January, the government said in a statement, higher-than wholesale inflation for the period. The annual consumer price index (CPI) data released for the first time on Tuesday measures retail prices in major food groups, fuel, clothing, housing and education across rural and urban India.
(With inputs from Reuters)
At 10:30 hours IST : Nifty approaches 5600 again; ONGC, SBI, Tata Steel lead
Notwithstanding volatility, Indian market continued to trade higher with support from oil & gas, capital goods, FMCG, banks and metals stocks. However, the upside was somewhat capped by a fall in technology stocks.
The Nifty was trading 30.20 points higher at 5,594.50, after hitting the 5600 mark in opening trade. Meanwhile, the Sensex rose 96 points to 18,385.54.
Punita Kumar Sinha, managing partner of Pacific Paradigm Advisors expects equities to inch higher from these levels. “While there maybe some sort of short-term consolidation because the markets have run-up a lot, but the trend generally seems to be still positive for equities,” she asserted in an interview to CNBC-TV18.
Shares of ONGC and BHEL topped the buying list, rising 4% each. Among majors, SBI rose 1.7% and Tata Steel gained 3%. ITC, ICICI Bank, L&T and NTPC were up over 0.5%.
Hindalco, Jindal Steel, Tata Power, Hero Motocorp, Sterlite and DLF moved up 1-2%.
However, shares of TCS underperformed other largecaps, falling 1.5%. Infosys, Tata Motors, HDFC Bank, Wipro, GAIL and Maruti were down 0.4-0.9%.
The broader markets outperformed benchmarks - the BSE Midcap Index was up 0.7% and Smallcap up 1%. Nearly two shares gained for every share falling on the BSE.
Euro zone finance ministers sealed a second bailout for debt-laden Greece. Punita Kumar Sinha says, the bailout clearance is already discounted by the markets. Asian markets as well as European markets ended higher yesterday. Indian and US markets were shut yesterday, so the effect of the deal on Indian markets is reflecting today while Asian markets were down half a percent.
The BSE Sensex rose on Tuesday, as investors cheered the long-awaited agreement for a crucial second bailout package for debt-stricken Greece, ahead of the first release of the new annual CPI inflation data.
The market continued to trade higher amid volatility, led by support from oil & gas, capital goods, FMCG, banks and metals stocks. However, the fall in technology stocks has limited upside to some extent.
The Sensex opened flat on Tuesday to make a swift upward move as news of a Greek bailout package renewed hopes among investors. The Sensex was trading 87 points up at 18,375.94 and the Nifty was gaining grounds with a 26 point upmove to 5,590.25.
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