Indian ended at a 7-month high on Tuesday, helped by gains in financials and auto stocks. The sentiment was aided by rising Asian peers after US President Donald Trump’s return to the White House from the hospital where he was treated for COVID-19.
The Sensex ended 601 points higher at 39,574 while the Nifty rose 159 points to settle at 11,662. Broader markets underperformed but rose for the day. Nifty Midcap and Nifty Smallcap indices were up over half a percent for the day.
The Street was also pleased after the Reserve Bank of India (RBI) on Tuesday said that the next meeting of its Monetary Policy Committee (MPC) will be held for three days beginning October 7. The meet last week was delayed after the tenure of 3 members expired in September. The government named the new members today.
The RBI is widely expected to keep key rates unchanged at the upcoming monetary policy review, as it attempts to manage high retail inflation while keeping its policy stance accommodative.
On the Nifty50 index, Tata Motors, HDFC, M&M, Adani Ports, and IndusInd Bank were the top gainers while Britannia, Coal India, Wipro, Hindalco, and Tata Steel led the losses.
Tata Motors surged 7.7 percent to be the top gainer on the Nifty 50 after its UK unit JLR reported an improvement in its September-quarter retail sales. JLR’s retail sales for the September quarter was at 1.13 lakh , up more than 50 percent from the previous quarter.
Meanwhile, HDFC rose 7.5 percent after the lender said advances aggregated to about Rs 10.37 lakh crore as of September 30, up about 16 percent from a year earlier.
Among sectors, Nifty Financial Services rose the most, up 3 percent led by HDFC. Nifty Bank rose 2 percent and Nifty Auto added 1.2 percent for the day. However, Nifty Pharma and Nifty Metal ended in the red.
(Edited by : Pranati Deva)
First Published: IST