The Indian equity market outperformed its global peers to close with gains on Tuesday, buoyed by a sharp fall in crude oil prices, which slipped to a 17-month low of below $58 per barrel, helping ease macro concerns. The 30-share BSE Sensex gained 300 points from the day’s low to settle 77 points higher at 36,347, while the 50-share broader NSE Nifty50 spiked 90 points from lows to end 20 points in the green at 10,909.
ICICI Bank and Kotak Mahindra Bank along with Reliance Industries lifted the indexes, while IT stocks of Infosys, Tata Consultancy Services (TCS) and Tech Mahindra limited gains.
Shares of Zee Entertainment slipped 8 percent to post the biggest single-session fall since January 2011 after the Bank of America Merrill Lynch (BofAML) downgraded the stock to ‘underperform’.
The broader market indices also advanced with Nifty MidCap rising 66 points to 17,738. The Nifty Bank jumped 159 points to 27,175. The NSE Advance-Decline ratio stood at 5:4 at market close.
Oil marketing companies posted healthy gains as crude prices softened over 3 percent. In the currency market, rupee recovered more than 60 paise from the intra-day low of 61.36 against the US dollar.
In the derivatives space, Nifty 11,000 Call option added nearly 2 lakh shares in the open interest with premium moving 12 percent higher, while Nifty 10,800 Put option added 2.4 lakh shares in the open interest with premium slipping 28 percent.
Nifty December Futures closed with a premium of 28 points against a premium of 22 points on Monday.
Stocks in Asia settled lower on Tuesday following an overnight sell-off on Wall Street sparked by concerns of a slowdown in the global economy. A key speech by Chinese president Xi Jinping did not aid market sentiments in Asia.
In an address to commemorate the 40th anniversary of China's economic reforms on Tuesday, Xi called for his country to "stay the course" on its current path of reform and emphasized that "no one is in a position to dictate to the Chinese people what should or should not be done."
Xi's remarks were being closely watched as investors sought clues on whether the Chinese leader's idea of progress aligned with the West's increasingly vocal demands for less state control, which could have implications on whether the US reaches a trade deal with China by the end of its 90-day tariff ceasefire.
The mainland Chinese markets declined with the Shanghai composite slipping 0.82 percent to close at about 2,576.65. The Shenzhen composite was lower by 0.81 percent to finish the day at around 1,312.55.
In Hong Kong, the Hang Seng index declined by more than 1%.
Japan's Nikkei 225 fell 1.82 percent to close at 21,115.45, while the Topix index declined by 1.99 perent to end the trading day at 1,562.51.
In South Korea, the Kospi slipped 0.43 percent as shares of chipmaker SK Hynix declined by 1.77 percent.
The ASX 200 in Australia also fell and was lower by 1.22 percent to close at 5,589.5, with almost all sectors seeing losses on the day.
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