Sensex, Nifty snap five-session long losing streak; Dr Reddys spikes 6%
Dr Reddys Lab, State Bank of India (SBI), Bajaj Auto, Tata Motors and Coal India were the top gainers on Sensex, while Asian Paints, Axis Bank, Tata Consultancy Services, IndusInd Bank and Power Grid were among the major losers.
The Sensex and Nifty clocked marginal gains on Tuesday, snapping five-session long losing streak, on the back of value buying by investors. A muted trend in global markets also kept the sentiment tepid. The Sensex settled at 34,651.24, up 35.11 points or 0.1 per cent from its previous session's close of 34,616.13 points. The broader Nifty50 closed at 10,536.70, up 20 points or 0.19 per cent from its previous close of 10,516.70.
In the broader market, the BSE Midcap and the BSE Smallcap indices gained 0.6 per cent each. The BSE market breadth was tilted towards the bulls with 1,444 advances against 1,182 declines.
"Domestic market started off on a positive note supported by firm global cues and marginal recovery in rupee. However, volatile trade continued in market on concerns of higher oil prices and muted Q4 results. Short covering in PSU banks continued after fair recognition of stressed assets and pick-up in NPA resolution process through NCLT," said Vinod Nair, Head of Research, Geojit Financial Services.
Dr Reddy's Lab, State Bank of India (SBI), Bajaj Auto, Tata Motors and Coal India were the top gainers on Sensex, while Asian Paints, Axis Bank, Tata Consultancy Services, IndusInd Bank and Power Grid were among the major losers.
On the Nifty, the top gainers were Dr Reddy's Lab, SBI and Bajaj Finserv. The major losers were Indian Oil Corp, Ultratech Cement and Bharti Infratel.
Among individual stocks, SBI rose 3.69 per cent despite the lender today posting a standalone net loss of Rs 7,718 cr in Q4 on mounting bad loans.
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Meanwhile, domestic institutional investors (DIIs) made purchases worth Rs 1,190.56 crore while foreign portfolio investors (FPIs) sold shares worth a net Rs 496.03 crore yesterday, as per provisional data.
Overseas, European shares touched their highest level since the start of February on Tuesday as autos and bank stocks climbed, and Italian shares recovered as the anti-establishment coalition’s government formation process stalled. The pan-European STOXX 600 rose 0.2 per cent, extending Monday’s gains as carmakers rose on a cut to Chinese tariffs.
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