Home Business Indices end three-day losing streak as metal, IT stocks see big gains

Indices end three-day losing streak as metal, IT stocks see big gains

Equity indices staged a pullback on Tuesday after three days of declines as investors scooped up IT, metal and consumption stocks amid a largely positive trend overseas.

A recovery in the rupee added to the momentum, traders said.

Overcoming a wobbly start, the 30-share BSE Sensex climbed 274.12 points or 0.45 per cent to settle at 61,418.96.

On similar lines, the broader NSE Nifty gained 84.25 points or 0.46 per cent to 18,244.20.

IndusInd Bank topped the Sensex gainers’ chart with a jump of 2.64 per cent, followed by NTPC, UltraTech Cement, Titan, Infosys, TCS, Larsen & Toubro and Tata Steel.

Only five counters closed with losses —Nestle India, Bharti Airtel, PowerGrid, HDFC Bank and Kotak Mahindra Bank, slipping up to 0.76 per cent.

“After three days of risk aversion, the domestic market experienced a relief rally in response to a bullish trend in global . The tight Covid lockdown in China, however, has negatively impacted the forecast for global growth. “FII interest has also reduced significantly as a result of the increased likelihood of stricter Fed policies,” said Vinod Nair, Head of Research at Geojit Financial Services.

Indices end three-day losing streak as metal, IT stocks see big gains

Ajit Mishra, VP — Technical Research, Religare Broking, said in the absence of any major triggers, the performance of the global indices, especially the US markets, will dictate the domestic market trend.

“Besides, the upcoming expiry of November month derivatives contracts would keep the participants busy. Meanwhile, we suggest continuing with a stock-specific trading approach and focusing on sectors that are showing resilience in the recent dip,”

he added.

In the broader market, the BSE midcap gauge rose 0.48 per cent, while the smallcap index dipped 0.10 per cent.

Among sectoral indices, metal climbed 0.82 per cent, followed by IT (0.75 per cent), teck (0.70 per cent), consumer durables (0.67 per cent) and commodities (0.63 per cent).

Telecom, utilities, oil & gas, power and realty were the laggards.

Global equities ticked higher ahead of the Federal Open Market Committee (FOMC) minutes to be released on Wednesday, though fresh lockdown measures in Beijing remained an overhang on market sentiment.

Elsewhere in Asia, in Tokyo and Shanghai ended higher, while Seoul and Hong Kong settled lower.

Equity exchanges in Europe were trading in the green in the afternoon trade. Wall Street had ended lower on Monday.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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