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Sensex up 248 pts at 49,517; Nifty at 14,563; SBI, Airtel soar 4%, RIL 3%

Stock market updates: Nifty PSU Bank index surged over 6 per cent and was the top sectoral gainer

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MARKET WRAP | Markets | bank stocks

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Stock market updates: A stellar rally in Reliance Industries, State Bank of India, and Bharti Airtel lifted benchmark indices to fresh peaks for 12th straight session on Tuesday. The S&P Sensex and Nifty touched 49,569 and 14,591 in the intra-day session today on the back of rally in the three heavyweights along with HDFC Bank, ITC, Bharti Airtel, and Axis Bank.

The S&P Sensex settled 248 points, or 0.5 per cent, higher at 49,517.11 levels on the . Bharti Airtel and SBI each surged 4 per cent on the Sensex today, followed by gains in RIL, HDFC Bank, ITC, and NTPC, up between 1.4 per cent and 3 per cent. On the downside, Asian Paints, Titan, HUL, and Nestle slipped up to 3 per cent, putting a lid on gains. 

On the NSE, the Nifty50 closed above the 14,550-mark, at 14,563.45, up 79 points or 0.5 per cent. 

In the broader market, the S&P BSE MidCap index ended the day at 19,208.6 level, up 0.4 per cent. It hit a fresh life-time high of 19,301.32 in the intra-day session. The S&P BSE SmallCap index, on the other hand, closed at 18,922.73 levels, up 0.25 per cent.

On the sectoral front, Nifty PSU Bank index leaped 6 per cent on the NSE, shrugging off NPA concerns highlighted by the a day earlier. J&K Bank and Bank of Baroda each surged 10 per cent on the today. Besides, Bank of India, Canara Bank, and Indian Ban gained up to 7 per cent.

That apart, Nifty Realty index, up 3 per cent, and Nifty Auto index, up 1.3 per cent, were other sectoral gainers.

Global markets

European shares were mixed on Tuesday as investors paused to assess how much worse the Covid-19 pandemic could get while waiting for a new earnings season on Wall Street to inject fresh direction. 

Consolidation was the theme in Asia as well, where MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent after touching an all-time high on Monday, led by a 2.6 per cent drop in South Korea as investors took some profit from a soaring Kospi.

Drugmakers lifted Japan's Nikkei to a fresh three-decade high after reports of another effective COVID-19 treatment, though the index eased to be 0.16% lower in the afternoon.

(With inputs from Reuters)

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