In fact, the upmove also ensured that the market ended on an extremely strong note in July, gaining around 6 percent.
In what looked like a day of breather for the bulls on D-Street, tables turned in the last hour of trade as sharp buying ensured that the market maintained its positive momentum. Sensex and Nifty has managed to end the day at record closing highs again. In fact, the upmove also ensured that the market ended on an extremely strong note in July, gaining around 6 percent.
The day’s gain was led by a surge in index heavyweights such as Reliance Industries as well as IT stocks, along with energy, metals and pharmaceutical names. Banks managed to underperform during the session, with the Nifty Bank being dragged by a fall in Axis Bank and ICICI Bank.
Oil and gas major, Reliance Industries, managed to clock a fresh high and surpassed the market capitalisation of Tata Consultancy Services (TCS). It is now the most valued company in India based on market capitalisation.
“Throughout the day the Nifty remained range bound and volatile, touching an intraday low of 11,268 in first half. However it found strong support at lower levels and managed to bounce back smartly in last hour of trade,” Jayant Manglik, President, Religare Broking said in a statement.
Stocks in news
Mukesh Ambani-owned conglomerate Reliance Industries surpassed country's largest IT company TCS to become the most valuable company by market capitalisation on bourses on Tuesday. The stock ended 3 percent higher.
Axis Bank reported a 46 percent year-on-year (YoY) drop in net profit at Rs 701 crore for the first quarter ending June 2018. The stock ended over 3 percent lower.
Shares of InterGlobe Aviation fell 7 percent after low cost carrier reported a massive 96.6 percent fall in first quarter net profit, dented by higher fuel prices and adverse impact of forex.
BASF India ended 10 percent higher after it started off the financial year 2018-19 on a strong note as profit grew nearly 35-fold year-on-year, driven by strong operational performance in agricultural solutions and performance products.
BEL’s shares ended 8 percent higher as it reported healthy performance for the quarter ended June 2018 as profit shot up 43.4 percent year-on-year to Rs 179.7 crore, driven by growth across the board.
Avenue Supermarts, operator of D-Mart India, ended over 3 percent higher as the company reported a strong 43 percent rise in net profit for the March quarter at Rs 250.6 crore. The firm had reported Rs 174.8 crore profit during the same quarter of last year.
Shares in Europe were mixed as investors looked to digest data points as well as corporate earnings. Stoxx 600 was flat in early deals, with the major bourses moving in different directions.
Meanwhile, Asian markets closed mixed as they kept an eye on Bank of Japan's decision to keep policy steady. Tepid handover from Wall Street also weighed. Nikkei 225 moved into positive territory after Japanese central bank’s decision.“The market trend in the near term will be dictated by RBI monetary policy outcome. Considering the recent spike in the inflation rate, the fears of interest rate hike has increased. However the commentary on the future outlook of interest rates/inflation would hold importance. Further with on-going corporate earnings season stock specific volatility is likely to remain high. Hence, we would advise investors to stick to fundamentally sound companies and traders to remain cautious and keep their positions hedge,”Manglik further added.