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RIL, HDFC Bank help indices end 4-day losing streak; Sensex gains 748 pts

All that happened in the markets today

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SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

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Photo: Kamlesh Pednekar
Snapping its four-day losing streak, the domestic stock market ended around 2 per cent higher on Tuesday, led by buying in Reliance Industries (RIL), and HDFC Bank. 

The S&P BSE Sensex today rallied 748 points, or over 2 per cent to settle at 37,688, with RIL (up 7 per cent) being the top gainer and Tech Mahindra (down nearly 3 per cent) the biggest loser. 

NSE's Nifty ended at 11,095 levels, up 204 points, or 1.87 per cent. Volatility index, India VIX, dropped 6 per cent to 23.67 levels. 

Among individual stocks, HDFC Bank ended nearly 4 per cent higher at Rs 1,041 on the BSE after the lender named Sashidhar Jagdishan as the successor to Aditya Puri, their chief executive officer once the latter retires in October 2020. The move, analysts say, will remove the overhang on the stock as regards the successor for the private sector lender. READ MORE

Wockhardt extended its rally and ended 10 per cent higher at Rs 333.70 on the BSE after the company said it will supply millions of doses of multiple Covid-19 vaccines, including that being developed by AstraZeneca and Oxford University, under a deal with the UK government. READ MORE

IT stocks, on the other hand, slipped in the trade after the US President signed an executive order restricting federal agencies from contracting or subcontracting foreign workers, hurting Indian IT professionals who work in the US on the H-1B visa. READ MORE

In the broader market, the S&P BSE MidCap index settled 1 per cent higher at 13,856 and the S&P BSE SmallCap rose 1.23 per cent to end the session at 13,317 levels. 

On the sectoral front, barring Nifty IT, all the other indices on the NSE ended in the green. Nifty Bank surged over 400 points or around 2 per cent to settle at 21,487. 

Global markets

European shares slipped on Tuesday as disappointing earnings reports from Diageo and Bayer took the shine off a jump in growth-linked cyclical stocks, while investors awaited signs of progress on more US fiscal stimulus.

In Asia, China stocks ended higher, underpinned by strong gains in banks as investors cheered Beijing’s latest move to ease pressure on the country’s financial institutions. The blue-chip CSI300 index rose 0.1 per cent, to 4,775.80, while the Shanghai Composite Index also inched up 0.1 per cent to 3,371.69.

In commodities, oil prices eased amid concerns that a fresh wave of Covid-19 infections around the world will see a pickup in fuel demand stalling amid tighter lockdowns - just as major producers ramp up output.

(With inputs from Reuters)

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