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Sensex gains for 2nd day; ends 447 pts up at 50,297; auto, IT stocks rally

Broader markets outperformed the benchmark indices, highlighting underlying strength in the market. The S&P BSE MidCap and SmallCap indices ended 1.55 per cent & 1.6 per cent higher, respectively

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MARKET WRAP | Markets | Sensex

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

updates: Volatility ran high in the domestic on Tuesday as investors tracked mixed signals from global peers and avoided taking aggressive bets in equities amid upward move in bond yields, yet again. 

European shares paused on Tuesday as investors sought to guess the bond market's next move, while weak German retail sales were a stark reminder of continued Covid-19 fallout on the region's biggest economy. Moreover, falls in Asian stockmarkets, after a senior Chinese official expressed wariness about the risk of asset bubbles in foreign markets, and a drop in also weighed on sentiment. 

The pan-European STOXX 600 share index edged 0.2 per cent higher, with Paris down, while Frankfurt and London eked out slim gains. In Asia, Chinese blue-chips slipped 1.3 per cent while Hong Kong's Hang Seng Index lost 1.2 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.33 per cent and Japan's Nikkei was down 0.8 per cent.

Against this backdrop, benchmark indices witnessed wild swings during the session today. The headline S&P traded in a range of 600 points and hit an intra-day high and low of 50,425 and 49,807, respectively. At close, the index was quoting at 50,297 levels, up 447 points or 0.9 per cent. 

M&M zoomed nearly 5 per cent and settled the session as the top gainer on the Sensex, followed by NTPC, Bajaj Auto, Tech M, Infosys, TCS, and Maruti Suzuki, all up in the range of 3 per cent to 4 per cent. On the downside, ONGC, HDFC, PowerGrid, Dr Reddy's Labs, and SBI were the only losers, down 0.2 per cent to 3 per cent.

Meanwhile, on the NSE, the settled above the 14,900-mark, at 14,919 levels. The index was up 157 points or 1.07 per cent from Monday's close.

Broader outperformed the benchmark indices today, highlighting underlying strength in the market. The S&P MidCap and SmallCap indices ended 1.55 per cent and 1.6 per cent higher, respectively.

On the sectoral front, only the Nifty PSU Bank index closed in the red for second straight day, down 0.04 per cent. On the higher side, the Nifty Auto and IT indices closed over 3 per cent higher each, while the Nifty Pharma, Realty, Private Bank, and FMCG indices ended up between 0.7 per cent and 1.5 per cent.

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