The Indian market ended higher on Tuesday, snapping nine sessions of losses, led by gains in index heavyweights like Reliance Industries, ITC, ICICI Bank and HDFC. However, negative sentiment in the Asian peers capped the gains.
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Asian peers slipped after China said it would impose higher tariffs on $60 billion of US goods following Washington’s decision to hike its own levies on $200 billion in Chinese imports. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.27 percent.
The Sensex settled 228 points higher at 37,318, while the Nifty50 added 74 points to end at 11,222. Among broader markets, Nifty Midcap and Nifty Smallcap were up 0.5 and 0.7 percent, respectively.
Bharti Airtel rose over 6 percent after CNBC-TV18 reported that the telecom operator has scrapped its postpaid plan of Rs 299 and made Rs 349/399 plans as minimum offers for postpaid.
Indiabulls Housing Finance, Sun Pharma, Vedanta, and GAIL were the other top gainer on Nifty. Meanwhile, IT stocks like Tech Mahindra, Wipro, TCS, and HCL Tech were among the top losers on Nifty, down up to 3 percent.
All sectoral indices, except Nifty IT, ended the day in the green. Buying was seen in Nifty PSU Bank and Nifty Pharma indices, gaining 2.8 percent and 1.5 percent, respectively. Nifty FMCG and Nifty Bank also rose over half a percent each.
Sun Pharma gained 6 percent after a 5 percent fall in trade yesterday. Meanwhile, Reliance Industries rose 3 percent after 6 sessions of losses.
Vodafone Idea fell 3.5 percent after global brokerage firm CLSA maintained a 'sell' rating on the stock and cut its target to Rs 12.50 from Rs 27 per share post its Q4 earnings. The telecom company, on Monday, also said its subscriber base dropped.
Shares of Jet Airways plunged 8 percent after the company’s chief financial officer (CFO) resigned with immediate effect citing personal reasons.
Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.