After suffering in the red for a better part of the day, local stock markets rallied in the last hour of trading amid strong buying in Reliance Industries, IT and auto package shares.
On the NSE, Nifty50 closed at 17,315.5, up 198 points, or 1.16 percent. ondex touched an intraday low of 17,006 and a high of 17,334.
Other gainers were Tech M, Tata Motors, BPCL, ITC, JSW Steel, PowerGrid, Bajaj Auto, Infosys, TCS, Kotak Bank, Bajaj Finserv, Bharti Airtel, Wipro and IndusInd Bank, with a 1-4 percent gain.
On the downside, HUL, Nestle India, Britannia and Cipla were in the lead for retirees, falling 2 to 3 percent.
In the broader market, the BSE MidCap and SmallCap indexes posted modest gains of 0.2 percent each.
Among the individual stocks, shares were shares of One97 Communications, the major parent company of digital payments paytm, continued to stay under pressure and hit a new low at 541 rupees, down more than 4 per cent on the BSE index in trade during Tuesday, on the back of high volume. In the past month, the stock is down 32 percent due to the continued flow of negative news. Read more
On the sliding side, the arrow Equitas Holding (EHL) and its affiliates Equitas Microfinance Bank (ESFBL) acquired up to 10 percent in BSE in intra-trading on Tuesday after its board of directors approved the two’s merger. Read more
Moreover, the shares New Delhi TV (NDTV) closed in the upper circle for the second day in a row, up 5 per cent at Rs 238.15, also its highest level since October 2008, in BSE on Tuesday. In the past four trading days, the broadcast and cable television operator’s stock is up 47 percent. Read more
On the sectoral front, the Nifty Realty Index is down 1 percent while the Nifty FMCG Index is down 0.7 percent. The Nifty IT Index is up 2 percent, and the Nifty Automotive Index has added more than 1 percent.
European stocks were mixed on Tuesday as investors continued to monitor the war in Ukraine and economic developments in the United States. The pan-European Stoxx 600 index rose 0.15 percent in early trade, while the German DAX added 1.08 percent, and the French CAC 40 rose 0.8 percent.
Meanwhile, futures contracts linked to the three major Wall Street indexes were up 0.3 percent each.
Earlier in Asia, Japan’s Nikkei rose 1.5 percent, South Korea’s Kospi and Australia’s ASX200 rose 0.9 percent each, and Hong Kong’s Hang Seng rose more than 3 percent.