Sensex, Nifty Edge Higher Led By Gains In IT, Metal Shares

By Administrator_ India

Capital Sands

The Indian equity benchmarks opened higher on Tuesday led by gains in Infosys, HDFC Bank, Tata Consultancy Services, Tata Steel, Larsen & Toubro, and Tech Mahindra. The Sensex rose as much as 261 points to hit an intraday high of 55,816.70 and the Nifty 50 index touched an intraday high of 16,585. Meanwhile, Asian stocks rose on Tuesday on an extended bounce on Wall Street as investors drew comfort from full approval granted to the Pfizer/BioNTech vaccine and on easing worries of an imminent tapering of stimulus by the Federal Reserve.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.2 percent, with Japan and South Korean indexes jumping more than 1 percent. Australia shares were up 0.2 percent and Taiwan stocks rose 0.7 percent.

Back home, fourteen of 19 sector gauges compiled by the BSE were trading higher led by the S&P BSE Oil & Gas and Metal indexes’ over 1.5 percent gain.

Information technology, Industrials, Utilities, Capital Goods, Power, Realty and Basic Materials indices also rose between 0.5-1.5 percent.

Mid- and small-cap shares were witnessing buying interest as the S&P BSE MidCap index rose 0.9 percent and the S&P BSE SmallCap index advanced 0.69 percent.

Tata Steel was the top Nifty gainer, the stock rose 3 percent to ₹ 1,400. Hindalco, NTPC, Tech Mahindra, ONGC, Indian Oil, JSW Steel, Coal India, Larsen & Toubro, IndusInd Bank, and Power Grid also rose between 1-3 percent.

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