After staying listless for first half of the session, equity benchmark indices picked momentum and ended up to 0.4 per cent higher on Tuesday. The S&P BSE Sensex gained 305 points to settle at 73,095 level, while the Nifty50 shut shop 76 points higher at 22,198.
Tata Motors was the top performer on both the benchmarks, rising nearly 3 per cent. This was followed by TCS, Power Grid, IndusInd Bank, Sun Pharma, Bharti Airtel, Eicher Motors, JSW Steel, and HDFC Life.
The broader BSE MidCap and SmallCap indices, which had started higher, erased gains later to end 0.07 per cent and 0.26 per cent lower, respectively.
Among sectors, the Nifty PSU Bank index dropped 0.56 per cent, while the Nifty Realty added 1 per cent.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said: “The global market construct continues to be favourable. With S&P 500 setting newer records the mother market US has turned very resilient . Japanese Nikkei at record highs is another pillar of support for global markets. Even though high valuation in India is a matter of concern, it is unlikely to impact the market much in the near-term. Cheap valuation in China is not attracting foreign investors. The market leadership is now with fundamentally strong bluechips like Reliance, ICICI Bank and Bharti. Sustained buying by DIIs (Rs 21700 crores in February so far) supported by HNIs and retail investors has completely eclipsed the FII selling. FIIs have lost in this tug of war with DIIs since the market has been scaling new highs despite FII selling.”
Global cues
Asian shares were seen trading with a negative bias. Hang Seng and Taiwan were down nearly 1 per cent each. While, Nikkei, Kospi and Straits Times quoted with losses of up to 0.5 per cent.
Overnight the US market ended on a tepid note as focus shifted from Nvidia powered rally to economic data for likely cues on timing of interest rate cut. Investors will closely be tracking the personal consumption expenditure price index and GDP numbers to be announced on Thursday.
The 10-year US Treasury bond yield hovered around 4.27 per cent. Whereas, Brent Crude Oil futures moved back to $82 per barrel.
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