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Financials lead in Sensex's 584 pts rally, tops 51K; BPCL dips 4.5%

The broader markets were under pressure today with the S&P BSE MidCap and SmallCap indices closing 0.6 per cent and 0.4 per cent down, respectively

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MARKET WRAP | Markets | BSE Sensex

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Sensex ends 584 pts up, tops 51K; HDFC Bank, Tech M jump 3%, BPCL dips 4.5%
updates: Financial and IT counters did the heavylifting today, and managed to keep the equity in the green on Tuesday. Most of the key sectoral indices on National Stock Exchange (NSE) ended the day in the red with the Nifty Metal index down 2.5 per cent at close, followed by the Nifty PSU Bank, Pharma, Realty, Media, and Auto indices, down between 0.5 per cent and 1.5 per cent. The Nifty Financial Services, Bank, and IT indices were the only gainers, up 2 per cent, 1.8 per cent, and 1 per cent, respectively.

Supported by gains in HDFC Bank, Kotak Mahindra Bank, HDFC, ICICI Bank, Asian Paints, HUL, and Bajaj Finance, the headline S&P ended 584.4 points, or 1.16 per cent, higher at 51,025 levels. The index topped the 51,000-mark in the intra-day deals and hit a high of 51,112. 

On the NSE, the closed near the 15,100-mark at 15,098 levels, up 142 points or 0.95 per cent. Around 23 stocks declined on the Nifty index, as against 27 stocks that advanced. Of these, BPCL, Tata Steel, GAIL, Indian Oil, Tata Motors, Power Grid, and Cipla were the top drags.

The broader were under pressure today with the S&P MidCap and SmallCap indices closing 0.6 per cent and 0.4 per cent down, respectively.

Global markets
Asian stocks recovered from earlier losses on Tuesday, lifted by firmer US equity futures and central bank comments aimed at soothing fears about rising by inflation. A pullback in US bond yields also buoyed equity

Japan's Nikkei rallied 1.02 per cent on Tuesday afternoon, while MSCI's broadest index of Asia-Pacific shares outside Japan was 0.10 per cent higher. Chinese blue chips added 0.03 per cent.

In Europe, however, the pan-European STOXX 600 was down 0.1 per cent in early deals, with miners falling 1.9 per cent and automakers dropping 1 per cent. The German DAX also eased 0.3 per cent.

(With inputs from Reuters)

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