Healthy macros, global cues push markets higher, banking stocks rise

 Indian stock markets

Mumbai, (Asian independent) Healthy macros, as well as positive global cues, pushed India’s stock market higher on Tuesday with the S&P BSE Sensex gaining nearly 400 points.

The rise has been attributed to positive Asian markets along with healthy economic indicators which showed a rise in industrial production and slight easing of retail inflation.

Sector wise, banks, metals and oil & gas gained the most while IT and FMCG lost the most.

The Sensex closed at 52,769.73, higher by 397.04 points, or 0.76 per cent, from its previous close of 52,372.69.

It had opened at 52,694.89 and touched an intra-day high of 52,806.86 and a low of 52,545.68 points.

The Nifty50 on the National Stock Exchange closed at 15,812.35, higher by 119.75 points, or 0.76 per cent, from its previous close.

“India’s equity benchmark indices broke a three session losing streak following positive Asian cues. Nifty overcame the bearish signs of the candle formed on Monday and rose smartly. Positive advance decline ratio also gives bullish signals,” HDFC Securities’ Head of Retail Research Deepak Jasani said.

“With earnings season underway, investors will turn their attention to Infosys’s results that are expected to be posted on Wednesday and also watch the US CPI number due tonight.”

Motilal Oswal Financial Services’ Head, Retail Research Siddhartha Khemka said: “Domestically, Nifty opened positive but profit booking crept in post weak opening by European and US future markets. Financial stocks gained after the RBI allowed reverse merger of banks older than five years with their holding companies.”

“Equity market so far has shown strong resilience even though it faces headwinds from the advent of a possible third Covid wave, persistent inflation readings prompting a potential rate increase, and volatility around the US Fed taper talk.”

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