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MARKET WRAP: Sensex pares gains to end 45 pts up; financial stocks rally

All that happened in the markets today

Markets | Axis Bank | Future Retail

SI Reporter  | New Delhi 


The Indian market ended higher on Tuesday; however, the gains were capped owing to selling in counters such as Reliance Industries (RIL), and Infosys. Further, continuous rise in Covid-19 cases, too, weighed on investor sentiment. 

India has recorded 60,975 coronavirus cases in the past 24 hours, taking its total to 3,170,942. READ MORE

The S&P BSE Sensex today ended 45 points or 0.12 per cent higher at 38,844 levels, with Bajaj Finance (up over 4 per cent) being the top gainer and NTPC (down over 1 per cent) the biggest loser. NSE's Nifty settled flat at 11,472, up around 6 points or 0.05 per cent. India VIX increased over 2 per cent to 19.6 levels. 

Earlier, the benchmark indices scaled the highest level in the last six months, on the back of firm global cues. The S&P BSE Sensex hit an intra-day high of 39,009 levels. The Nifty50 index also dipped below the 11,500 after holding on to the psychological level for the first one hour.

The Nifty sectoral indices were mixed, with the Nifty PSU Bank index, up over 1 per cent, leading the list of gainers.

In the broader market, the S&P BSE SmallCap index ended 0.11 per cent higher while the S&P BSE MidCap index gained 0.5 per cent. 

Buzzing stocks
Max Financial Services ended around 13 per cent higher at Rs 620.60 after said it has reduced the size of the stake that it plans to buy in Max Life Insurance to 17 per cent from 29 per cent. READ MORE 

Shares of Allcargo Logistics were locked in the 20 per cent upper circuit band at Rs 130.8 per share -- also its 52-week high -- on the BSE on Tuesday after the company said its promoters Shashi Kiran Shetty and Talentos Entertainment Pvt Ltd intend to voluntarily delist the company. READ MORE 

Nocil ended 9.5 per cent higher on the BSE even as the company reported a 64 per cent decline in its consolidated net profit at Rs 11.95 crore against Rs 32.88 crore profit in the year-ago period. Revenue from operations stood at Rs 106.51 crore, down 53.6 per cent year-on-year (YoY).

Global markets

Asian stock were mostly higher after the US and China indicated progress in trade talks, and as hopes of new coronavirus treatments boosted broader sentiment among global investors.

European stocks, too, gained in trade with Frankfurt shares hitting a one-month high.

In commodities, crude oil prices were mixed as traders weighed massive production cuts in the US Gulf Coast from Tropical Storms Marco and Laura against rising coronavirus cases in Asia and Europe.

(With inputs from Reuters)


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