The domestic equity benchmarks ended with robust gains on Tuesday, tracking positive global cues. The Nifty opened at 15,455.95 and marched higher as the session progressed to settle above the 15,600 level. Shares surged on value buying after a recent steep correction. Buying was wide spread. Media, oil & gas, PSU banks stocks rallied.
The barometer index, the S&P BSE Sensex, up 934.23 points or 1.81% to 52,532.07. The Nifty 50 index gained 288.65 points or 1.88% to 15,638.80.
Titan Company (up 5.92%), SBI (up 3.79%), TCS (up 3.17%), HCL Technologies (up 2.81%) and Dr. Reddy's Laboratories (up 2.70%) boosted the indices.
The broader market surged. The S&P BSE Mid-Cap index gained 2.42% while the S&P BSE Small-Cap index advanced 2.99%.
The market breadth was strong. On the BSE, 2,502 shares rose and 831 shares fell. A total of 129 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 5.66% to 21.14.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.483 as compared with 7.427 at close in the previous trading session.
In the foreign exchange market, the rupee declined against the dollar. The partially convertible rupee was hovering at 78.10, compared with its close of 77.98 during the previous trading session.
MCX Gold futures for 5 August 2022 settlement rose 0.02% to Rs 50,745.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, decreased 0.54% to 104.13.
In the commodities market, Brent crude for August 2022 settlement rose $2.61 or 2.31% at $115.73 a barrel.
Global Markets:
The Dow Jones futures were up 507 points, indicating a robust opening in the US stocks today.
Shares in Europe and Asia advanced on Tuesday, as global markets appear to be staging a comeback rally after a tumultuous week last week.
South Korea's central bank on Tuesday said it expects inflation will be higher than earlier projected and that it would closely assess debt repayment burdens to determine whether a half-percentage point interest rate hike in July was appropriate.
Meanwhile, Australia's central bank says inflation will peak by the end of the year. The Reserve Bank of Australia governor Philip Lowe said in a speech that he expected inflation in Australia to peak at around 7% by the end of the year as pandemic-related supply chain disruptions resolve.
Markets in the U.S. were closed on Monday, 20 June 2022, for Juneteenth National Independence Day holiday.
Investors will monitor incoming data, including existing home sales on Tuesday, to gauge the health of the economy. Fed Chair Jerome Powell will testify before Congress Wednesday and Thursday. His appearance comes after a recent rate hike by three-quarters of a percentage point, the central bank's biggest increase since 1994.
Buzzing Indian Segment:
The Nifty Media index surged 5.49% to 1,884.35. The index fell 2.59% in the previous session.
DishTV India (up 10.43%), Zee Entertainment Enterprises (up 6.01%), PVR (up 5.81%), Network18 Media & Investments (up 5.69%), INOX Leisure (up 5.30%), TV18 Broadcast (up 5.22%), Saregama India (up 4.07%), Sun TV Network (up 3.90%), Hathway Cable and Datacom (up 3.43%) and Nazara Technologies (up 1.07%) surged.
Stocks in Spotlight:
Bharat Forge advanced 3.57% after the company decided to consolidate its electric vehicle business initiatives under Kalyani Powertrain (KPL), a wholly-owned subsidiary, for a better strategic alignment.
KEC International gained 2.64% after the company said it secured new orders worth Rs 1,092 crore across its various businesses.
Bank of India rallied 3.66% after the bank said its board is planning to raise Rs 2,500 crore via fresh equity shares to increase the public shareholding in the bank to 25% to comply with regulatory norms.
Suven Life Science hit an upper circuit of 20% at Rs 76.55 after the company announced that its board will consider a rights issue of shares on 24 June 2022.
Fineotex Chemical rose 2.71% after the company said its board will consider raising funds on 24 June 2022.
Escorts rose 2.27%. The company announced that Ajay Mandhar has tendered his resignation from the post of chief executive officer (CEO), Agri Machinery Business, citing personal reasons. Mandahr also ceased to be key managerial personnel of the company. Shenu Agarwal, president of Agri Machinery and Construction Equipment business, has been assigned the role of CEO of Agri Machinery business, for interim period, till the time a new CEO is appointed by the company.
Eureka Forbes rallied 8.21%. The company announced that its board accepted the resignation of Marzin R. Shroff as the managing director and chief executive officer (CEO). Shroff will move to a new role as senior advisor to both Advent International and Eureka Forbes.
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