Indian stock markets gain, Nifty reclaims 22,700 level, Sensex rises over 600 points
Mumbai, Oct 6: Indian equity indices extended their recovery for a second consecutive session on Tuesday, with the Nifty reclaiming the 22,700 level and the Sensex rising more than 600 points as broad-based buying and positive global cues lifted sentiment.
Easing crude oil prices and fading concerns over an aggressive pace of monetary tightening in the US supported the opening, with gains strengthening through the session. Investors also remained focused on the Reserve Bank of India’s monetary policy decision due on Wednesday.
The Sensex closed 685.34 points, or 0.95 per cent, higher at 73,067.81, while the Nifty gained 220.35 points, or 0.98 per cent, to 22,776.10.
The broader market outperformed the benchmarks, with the Nifty Midcap index rising 1 per cent and the Smallcap index gaining 1.5 per cent.
The Nifty Bank, Consumer Durables, Energy, Infrastructure, Media, FMCG, Metal, Pharma, Oil & Gas, Private Bank and Telecom indices gained between 0.5 per cent and 2 per cent.
However, Realty fell 0.7 per cent, while IT and PSU Bank indices declined 0.6 per cent and 0.3 per cent, respectively.
Among the Nifty constituents, Trent, Kotak Mahindra Bank, Hindustan Unilever, HDFC Life and Jio Financial Services were among the leading gainers. Coal India, Tech Mahindra, Max Healthcare, ITC and Infosys ended lower.
Trent was among the biggest movers, with its shares surging 12 per cent after the Tata Group retail company reported a 23 per cent year-on-year increase in standalone revenue to Rs 5,788 crore for the September quarter.
Kotak Mahindra Bank gained 3.5 per cent after its second-quarter business update showed net advances rising 24.7 per cent year-on-year and deposits increasing 23.2 per cent.
Axis Bank also advanced 2 per cent after reporting 22.7 per cent year-on-year growth in gross advances for the September quarter.
IndusInd Bank gained nearly 3 per cent following the release of its second-quarter business update.
Transrail Lighting gained 4.5 per cent after securing new orders worth Rs 412 crore, taking its order intake for the current financial year to Rs 2,021 crore.
Sterlite Technologies touched a 52-week high after Nomura initiated coverage with a ‘buy’ rating and a target price of Rs 1,350 per share.
Vedanta gained 3 per cent ahead of its board meeting scheduled for October 8, while BGR Energy Systems rose 5 per cent after entering into a Master Restructuring Agreement with the National Asset Reconstruction Company (NARCL) to restructure outstanding debt of Rs 3,736 crore.
The latest gains mark a continuation of the market’s rebound after a sharp September sell-off, although investors remain cautious ahead of the RBI’s policy decision and closely watched global interest-rate and crude oil developments.
