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Sensex ends 261 pts up at record closing peak of 48,438; IT stocks outrun

Axis Bank ended the session as top Sensex gainers, up 6 per cent at close, followed by gains in HDFC (2.7 per cent), IndusInd Bank (2.7 per cent), and TCS (1.7 per cent)


SI Reporter  | New Delhi 


Bulls wrestled back control in the Indian in Tuesday's volatile session and helped benchmark indices scale fresh lifetime highs after a subdued first half. Sharp gains in banking and information technology scrips helped indices settle 0.5 per cent higher. On the global front, the UK government's announcement to roll out a new $6.2 billion support package for businesses struggling to cope with a third national lockdown accelerated buying momentum.

The frontline S&P Sensex ended the choppy session near record high level of 48,486.24 on the BSE, at 48,438 levels, up 261 points, or 0.54 per cent. twins, Axis Bank, TCS, and ICICI Bank remained the top contributors towards the index's gain today, providing support of nearly 180 points.

Axis Bank ended the session as top Sensex gainers, up 6 per cent at close, followed by gains in (2.7 per cent), IndusInd Bank (2.7 per cent), and TCS (1.7 per cent). On the downside, heavyweights like (down 1.5 per cent), Reliance Industries (1.2 per cent), and Bajaj Finserv (1 per cent) capped gains.

The Nifty50, on the other hand, added 66.6 points, or 0.47 per cent, in Tuesday's session to close at 14,199 levels. The index hit a record peak of 14,215.6.

On the sectoral front, the Nifty IT index settled on the as top performer, up 2.6 per cent. Nifty Private Bank and Nifty Bank indices were other top gainers, up around 2 per cent. The Nifty Metal index, down 1.4 per cent, ended the day as top loser.

In the broader market, mid-cap stocks continued to outrun their large-cap peers. The S&P MidCap index ended 1.4 per cent higher at 18,676 level. The SmallCap counterpart ended 0.7 per cent up at 18,641 level.

Global markets

Asian shares edged lower on Tuesday amid uncertainty about Senate runoffs in Georgia. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.05 per cent, pulling back from a record high. Australian stocks fell 0.26 per cent. Chinese shares erased early losses and rose 0.52 per cent.

Japanese shares lost 0.34 per cent after a spokesman said the government will reach a decision on a state of emergency for Tokyo and surrounding cities on Thursday to curb coronavirus infections. 

In Europe, stocks slipped as losses in defensive sectors offset gains in oil and retail stocks. The pan-European STOXX 600 index was down 0.2 per cent.

(With inputs from Reuters)


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