BSE Sensex and Nifty rose for a second consecutive session on Tuesday in their first back-to-back gains so far this month, as investors continued to buy into beaten-down stocks such as ITC. Gains were also helped by higher global markets.The Sensex ended 104 points higher at 25,864 while Nifty settled at 7,837, up 31 points.
Here Are Top 10 Developments:
1) FMCG, metal, healthcare and auto stocks led the gains today. ITC rose 3 per cent, building on Monday’s gain of 2.6 per cent. The stock lost 2.34 per cent last week.
2) GAIL India and Cairn India surged over 3 per cent while Vedanta, Hindalco, HCL Tech and Sun Pharma rose nearly 2 per cent to be among biggest Nifty gainers.
3) Infosys fell 1.7 per cent after the company warned in a conference call on Monday that it was seeing some margin pressure in the third quarter.
4) Banking stocks were also a drag on Nifty with Bank of Baroda and Axis Bank falling over 1 per cent.
5) Elsewhere, InterGlobe Aviation, the company that operates IndiGo, surged nearly 5 per cent as the stock was added to FTSE All World index with effect from today.
6) Sugar stocks extended their rally today after seeing sharp gains in the previous session amid a global rally in raw sugar prices.
7) Despite the back-to-back gains, the sentiment on the Street remained cautious after disappointing corporate earnings in the July-September quarter, while foreign institutional investors (FIIs) have been net sellers of $ 506.37 million worth equities so far this month. “Global backdrop and sell-side figures from FIIs are creating an overhang on the market,” said Gaurang Shah, vice president at Geojit BNP Paribas.
8) Nischal Maheshwari of Edelweiss Securities said that the forthcoming winter session of Parliament and Fed’s policy action next month are the next triggers for the markets. He expects the Nifty to hold 7,500 levels, drawing support from hopes of better earnings performance in the second half as compared to the first half of the fiscal.
9) Most Asian markets ended higher today, following an overnight rally on Wall Street. The European stocks were also higher in early trade.
10) Wall Street had its strongest session in three weeks on Monday, as investors bet Friday’s attacks in Paris would have little long-term impact on the US economy and corporate earnings. The Dow rose 1.4 per cent and the S&P 500 surged 1.5 per cent.