Stocks resume upward momentum, Sensex gains 300 points

Equities showed resilience on Tuesday and benchmark indices zoomed in the afternoon trading with metal, PSU banks, energy and auto stocks leading the rally.

The BSE S & P Sensex closed 312 points higher at 39,435 while the Nifty 50 was up 97 points at 11,796.

At the National Stock Exchange (NSE), all sectoral indices were in the green. Shares of oil marketing companies traded higher after crude oil prices fell over concerns of weakening global demand in oil markets.

At the same time, the weather department said monsoon rains have covered nearly half of the country, leading investors to hope for a bumper agricultural output which in turn will boost rural incomes and lead to more spending.

Among stocks, IFCI surged 18 per cent after the board approved the sale of 2.44 per cent of the total equity shares of NSE.

Shares of Emami soared nearly 8.8 per cent after the promoters undertook a stake sale of 10 per cent for raising Rs 1,230 crore for further reducing the debt level.

Bharat Petroleum gained 2.9 per cent while JSW Steel was up 2.77 per cent. Others which traded in the green were NTPC, index heavyweight Reliance Industries and Hindalco.

However, Yes Bank fell 1.8 per cent. Bharti Infratel, IndusInd Bank, Asian Paints and Hindustan Lever too showed losses.

Meanwhile, Asian stock markets showed mixed trends with little direction from a lacklustre US session. Shares fell in China and Hong Kong, fluctuated in Japan but were up in South Korea.

Investors awaited US-China trade talks on the sidelines of upcoming G-20 meeting later this week in Japan. Rising geopolitical tensions between the United States and Iran also kept the investors edgy.

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