Indian bourses extended gains on Tuesday led by the strong buying in auto and metal index. Both the benchmark indices hit four-month highs and the Nifty Midcap and the Nifty Bank closed at one-month highs. The market breadth was in favour of advances with the advance-decline ratio at 3:2.
Indian bourses extended gains on Tuesday led by the strong buying in auto and metal index. Both the benchmark indices hit four-month highs and the Nifty Midcap and the Nifty Bank closed at one-month highs. The Nifty is now 316 points away from record highs while the Sensex is 480 points shy. The market breadth was in favour of advances with the advance-decline ratio at 3:2.
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Global markets also fared well on the back of positive trade talks between US-China and investors looked toward a Federal Reserve rate cut later this week.
At 3:30 pm, the Sensex closed higher by 590.45 points or 1.50 percent at 39,840.65 while Nifty50 closed at 11,790.35, higher by 163.20 points or 1.40 percent.
Nifty Auto remained the outperformer of the day, rallying 4.40 percent during the day followed by Nifty Metal which rose 3.95 percent.
Tata Motors, JSW Steel, Tata Steel, YES Bank and Axis Bank were the top gainers of the day while Bharti Infratel, Bharti Airtel, UltraTech Cement, Kotak Mahindra Bank and BPCL were the top laggards.
The share price of Tata Motors rallied 16 percent intraday on Tuesday post the company's July-September earnings.
YES Bank surged over 9 percent on Tuesday amid reports that the company is mulling way to raise funds. At 3:30 pm, the stock ended 6.30 percent at Rs 58.20 per share on the NSE while in intraday, the shares jumped 9.40 percent at Rs 59.90. The stock advanced 23 percent in three days.
Bharti Infratel remains the worst performer of the day, falling to a five-year low. The share price extended declines for the fourth consecutive session since the Supreme court's rejection of AGR (adjusted gross revenue) definition.
The telcos' will have to pay penalty and interest, the Supreme Court had said in its order last week. At the closing bell, the stock price ended 9.02 percent to Rs 193.10 per share on the NSE.
First Published: IST