After languishing near flat line since morning, the key benchmarks reported smart gains in afternoon trade, tracking a positive opening in European shares. Banks, pharma and realty shares declined while auto and oil & gas stocks climbed.
At 13:24 IST, the barometer index, the S&P BSE Sensex, was up 181.45 points or 0.31% to 59,480.77. The Nifty 50 index added 56.45 points or 0.32% to 17,747.70.
Broader indices fared better than the benchmarks. The S&P BSE Mid-Cap index rose 0.44% while the S&P BSE Small-Cap index gained 0.64%.
The market breadth was strong. On the BSE, 2082 shares rose and 1118 shares fell. A total of 177 shares were unchanged.
India Services PMI:
The seasonally adjusted India Services Business Activity Index posted 55.2 in September, highlighting a marked increase in output. Despite falling from August's 18-month high of 56.7, the latest reading remained well above its long-run average. Where activity growth was reported, panellists mentioned accommodative market conditions and favourable underlying demand amid the easing of COVID-19 restrictions.
Stocks in Action:
IndusInd Bank (up 3.72%), Indian Oil Corp (up 3.09%), Bharti Airtel (up 2.81%), Coal India (up 2.66%) and Tata Motors (up 2.05%) were major index gainers.
Cipla (down 2.11%), Shree Cement (down 1.44%), Hindalco Industries (down 1.20%), Tata Consumer Products (down 1.17%) and Sun Pharmaceutical Industries (down 0.86%) were major index losers.
State-run oil explorers, ONGC (up 9.35%) and Oil India (OIL) (up 1.18%) jumped.
In the commodities market, Brent crude for December 2021 settlement was up 0.57% at $81.72 a barrel. It has jumped 12.15% in the past one month.
Higher crude oil prices boost oil explorers' average realisation from every barrel of the oil sold.
Bharat Forge fell 2.44% after North America Class 8 truck orders slipped 11.69% year-on-year and fell 28.68% month-on-month to 28,100 units in September 2021.
Global markets:
European shares advanced in early trade while Asian stocks were mixed on Tuesday. Markets in mainland Chinese are closed through Thursday for the Golden Week holidays.
U.S. stock benchmarks tumbled on Monday as concerns about sticker-than-expected inflation grow on rising oil prices. A selloff for stocks deepened Monday, with markets succumbing to pressure in technology and tech-related stocks.
On Monday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies kept their current agreement to gradually raise crude production each month, including a 400,000 barrels a day increase in November.
New orders for US-made goods accelerated in August. The Commerce Department said on Monday that factory orders increased 1.2% in August. Data for July was revised higher to show orders rising 0.7% instead of gaining 0.4% as previously reported.
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