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Bulls ride on IT, metal stocks to drive Sensex 1,128 pts higher at 50,136

The Sensex index settled above the 50,000-mark for the first time since March 23

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MARKET WRAP | Markets | Nazara Technologies

SI Reporter  | New Delhi 

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Stock market updates: Looking beyond the Archegos Capital default in the US, the Indian stock market remained the best performing Asian market on Tuesday. The headline S&P BSE and the indices each settled over 2 per cent higher today supported by gains in IT, pharma, and metal stocks.

The index settled above the 50,000-mark for the first time since March 23 at 50,136 levels, up 1,128 points or 2.33 per cent. The broader index, on the other hand, closed tad below the 14,850-mark at 14,845 levels, up 338 points or 2.33 per cent. 

Infosys, Power Grid, HUL, HCL Tech, TCS, Nestle, and NTPC, HDFC twins were the outperforming stocks on the 30-share BSE barometer today, up between 3 per cent and 4 per cent, while UPL, JSW Steel, Tata Steel, Shree Cement, Wipro, and Divis Labs were the top stocks on the Nifty.

On the downside, M&M, Axis Bank, Bharti Airtel, and Hindalco were the only stocks in the red, down up to 0.32 per cent. 

The broader markets, however, underperformed and closed with around a per cent gain. The S&P BSE MidCap index ended 0.98 per cent higher while the S&P BSE SmallCap index gained 1.3 per cent.

On the sectoral front, the Nifty IT, Pharma, and Metal indices advanced nearly 3 per cent each on the NSE, while the Nifty FMCG and Financial Services indices closed with up to 2.5 per cent gains. On the contrary, the Nifty Realty index ended 0.03 per cent down in a firm market.

Global markets
Asian share strengthened Tuesday as investors remained focused on the global vaccination program rather than the hedge fund default that hit international banking stocks overnight.

The MSCI's broadest index of Asia-Pacific shares outside Japan was 0.6 per cent higher, while mainland China’s CSI300 index rose 1 per cent. Hong Kong’s Hang Seng Index added 1.2 per cent.

Japan’s Nikkei, however, was flat, dragged down by Nomura share price weakness, while Australia sounded a weaker tone when the S&P/ASX200 closed down 0.9 per cent.

In Europe, the pan-European STOXX 600 index rose 0.5 per cent the German DAX rose 0.6 per cent.

(With inputs from Reuters)

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