The BSE Sensex stayed higher with 100 points gains due to consistent buying in index heavyweights ICICI Bank, State Bank of India, L&T and Reliance Industries. However, Tata Consultancy Services, Hero MotoCorp, Maruti, M&M and Sun Pharma were only losers, falling 0.3-0.65%.
The BSE benchmark was up 122 points or 0.7% to 17,600.17 led by 25 components. Meanwhile, the NSE benchmark gained 38 points at 5,355.85, but the broader markets outperformed benchmarks, rising 1%.
Sanjay Dutt, director of Quantum Securities sees the Nifty rising beyond 5,600 in the next few months.
Dutt says, the market is not correcting despite negative newsflow. He says, it is set to defy sceptics and inch higher. “It is time to focus on good quality midcaps,” he advises.
The Indian rupee gained 0.55% to 50.59 a dollar today. Improved risk appetite after manufacturing data from China and United States offset worries about a mild recession in the euro zone also supported the rupee, traders said.
Private sector lenders ICICI Bank and HDFC Bank gained 1.5% each while rival State Bank of India too gained 1.5%.
Oil & gas producers and index heavyweights Reliance Industries and ONGC were up 0.7% each.
Engineering and construction major Larsen & Toubro rose 1.5%. Among metals, Tata Steel, Sterlite Industries and Hindalco rallied 2% each.
TCS was down nearly 0.5% after the US Court approved class action suit against the company for wage violation. TCS ex-staff alleged that the company broke standard employment contract.
About three shares advanced for every share falling on the National Stock Exchange.
Stocks In News
ICSA's corporate debt restructuring proposal made to CDR cell was approved by the CDR Empowered Group (CDR EG); the stock was up 4%.
Modi Rubber surged 11% amid huge volumes after the company has signed agreement with MAN Diesel & Turbo SE, Germany for sale of its entire 20.01% stake.
DQ Entertainment (International) shot up 10% amid heavy volume as it signed three new contracts, associated with two new productions, concluded at MIPTV in Cannes, France - the world market for TV & Media.
JHS Svendgaard Laboratories tanked 3% on profit booking as it rallied 30% in five days.
(With inputs from Reuters)
The BSE Sensex opened Tuesday's trade with 140 points gap up following positive US cues. Oil & gas, banks and capital goods stocks were playing supportive role while only Hero MotoCorp was under pressure.
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