The Indian benchmark indices ended higher for the second consecutive session on Tuesday amid mixed global cues. The BSE Sensex gained 446 points to close at 59,745 after hitting day's high of 59,778. The Nifty closed above the 17,800-mark at 17,822, up 131 points.
ONGC, IndusInd Bank, Coal India, IOC and Bharti Airtel were among the major gainers on the Nifty. Cipla, Hindalco, Shree Cements, Sun Pharma and Tata Consumer Products were among the top losers. Barring bank, realty and pharma, all other sectoral indices ended in the green led by oil & gas, power and IT indices, up 1-3 per cent.
Meanwhile, the broader markets too ended in the green but underperformed the benchmark indices. The BSE midcap and smallcap indices rose 0.33 per cent and 0.54 per cent, respectively. About 2,025 shares have advanced on the BSE, while 1,184 shares declined, indicating the breadth is in favour of advances. Volatility index, India VIX, fell over 2 per cent at 16.39-level.
Coming to stock-specific moves, the shares Reliance Industries hit fresh record high levels in intraday trade, with its market cap above the Rs 17.6 trln mark and stock price crossing the Rs 2,600 level. The Mukesh Ambani-owned firm's share closed the day over 2 per cent higher and was the largest contributor to the benchmarks.
Other telecom companies--Bharti Airtel and Vodafone Idea--were also in focus today on the back of the government's plan to revise its one-time spectrum charge levy. Bharti Airtel was up 3 per cent, while Vodafone Idea rose 1 per cent. IT stocks such as HCL Tech and TCS rose today, taking the Nifty IT index higher by 1 per cent ahead of the Q2 earnings.
ONGC was the other stock that rallied 11 per cent today to hit a new 12-week high and its market cap crossing Rs 2 trillion. The stock was the top gainer on the Nifty Oil & Gas index, which touched a new historic high level. ONGC gained focus on the back of higher crude oil prices.
That said, the stock of Srei Infrastructure Finance declined nearly 5 per cent today after the Reserve Bank of India superseded the board of the company.
Going into trade on wednesday, the momentum of the markets may remain buoyant, driven by the expectation of better Q2 earnings backed by recovery in economic activity. The RBI monetary policy meeting is another key event that is being keenly watched by the market. According to Rohit Singre, Senior Technical Analyst at LKP Securities, the overall Nifty range is coming in between 17,300-18,000 zone, and either side breakout will decide the final direction.
Lastly, stock-specific moves, global cues as well as news related to Covid-19 will be among other major triggers for investors.
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