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Key stock indices held on to most of their early gains and ended over 0.50% higher on Tuesday. There was some mild profit taking by investors in late session, which took off some of the gains.
The BSE Sensex ended 224.93 points or 0.59 per cent higher at 38,407.01, while the NSE Nifty was up 52.35 points or 0.46 per cent to close at 11,322.50.
Sectors that achieved notable gains were Media, Metals, and Private Banks. However, IT, Pharma and Realty have met with selling pressure and ended in the red.
The Nifty Media index rose nearly 2% to 1,366.40 backed by gains in TV Today, ZEE, Hathway, Inox Leisure, and TV18 Broadcast.
Also, Metal sector stocks were in limelight with JSW Steel, Jindal Steel, Welspun Corp, Hindustan Copper and National Aluminium gaining up to 5 per cent today.
Earlier in the day, benchmark Sensex surged over 350 points, and touched an high of 38,556.27 on sustained foreign fund inflows and firm cues from global markets.
According to traders, market sentiment strengthened tracking gains in other Asian markets ahead of trade talks between the US and China at the end of the week. Consistent foreign fund inflow too buoyed investor sentiment here, they said.
Axis Bank was the top gainer in the Sensex pack, rising nearly 4 per cent, followed by IndusInd Bank, ITC, Tata Steel, HDFC, HDFC Bank, ICICI Bank, and Maruti.
On the other hand, Titan, HCL Tech, Bharti Airtel, Tech Mahindra, ONGC, and Sun Pharma, were among the laggards.
Exchange data showed that foreign institutional investors bought equities worth Rs 302.88 crore on a net basis yesterday.
Bank of Baroda shares dip on results
Shares of Bank of Baroda on Tuesday declined over 3 per cent after the company reported a net loss of Rs 864 crore on a standalone basis in the quarter ended June.
The company’s stock went lower by 3 per cent to Rs 47.10 on the BSE.
At the NSE, it declined 2.80 per cent to Rs 47.20.
State-owned Bank of Baroda on Monday reported a net loss of Rs 864 crore on a standalone basis in the quarter ended June due to increased provisioning for standard accounts. The bank had reported a standalone profit of Rs 710 crore in the year-ago period.
Titan tumbles 4% on weak earnings
Shares of Titan Company declined over 5 per cent on Tuesday after the firm reported a consolidated net loss of Rs 297 crore for the June quarter, impacted by lower income due to the COVID-19 pandemic.
The Tata group firm’s stock tumbled 3.55 per cent to Rs 1,068.55 on the BSE.
On the NSE, it plunged 3.55 per cent to Rs 1,068.05.
The company had reported a net profit of Rs 364 crore in the corresponding period of the preceding fiscal.
Total income during the quarter under review declined 61.21 per cent to Rs 2,020 crore as compared to Rs 5,208 crore earlier, Titan said in a regulatory filing.
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