MARKET WRAP: Sensex climbs 186 pts; PSBs advance, Vodafone Idea zooms 35%

Benchmark indices ended with nearly half a per cent gains on Tuesday amid buying in counters such as Reliance Industries (RIL), Bharti Airtel, Axis Bank, HDFC Bank, and Infosys. Besides, PSU bank stocks continued to rally post the Supreme Court judgement on Essar Steel resolution in favor of financial creditors.

The S&P BSE Sensex added 186 points or 0.46 per cent to settle at 40,470. With over 7 per cent gain, Bharti Airtel emerged as the biggest gainer on the index while YES Bank (down over 2.50 per cent) was the top loser. Of 30 stocks, 11 ended in the green and rest 19 in the red.

On the NSE, the broader Nifty50 index ended at 11,940 levels, up 57 points or 0.47 per cent.

Volatility index India VIX slipped over 2 per cent to 15.42 levels. 

In the broader market, the S&P BSE MidCap index lost 7 points or 0.05 per cent to end at 14,830 whereas the S&P BSE SmallCap index added 42 points or 0.31 per cent to settle at 13,405.

Market breadth was in favour of declines as out of 2,732 companies traded on the BSE, 1,387 declined and 1,154 advanced while 191 remained unchanged.

SECTOR WATCH 

PSU bank stocks rallied the most with the Nifty PSU Bank index surging around 4 per cent to 2,589. Nifty Bank rose nearly 1 per cent to 31,236 levels. On the flip side, metal, FMCG and auto stocks slipped in the trade. 

BUZZING STOCKS

Reliance Industries (RIL) on Tuesday became the first Indian company to cross the market capitalisation of Rs 9.50 trillion after the company's stock rallied nearly 4 per cent intra-day to hit a fresh all-time high of Rs 1514.95 on the BSE. The stock ended at Rs 1509.80, up 3.50 per cent. 

Vodafone Idea and Bharti Airtel zoomed in the trade after the two firms announced they will hike tariffs, starting December 1. Shares of Bharti Airtel ended at Rs 439 on the BSE, up over 7 per cent while Vodafone Idea settled 35 per cent higher at Rs 6 apiece on the BSE.   

GLOBAL MARKETS 

Asian share markets were mixed in subdued trade on Tuesday, pending clearer news on whether US-China negotiations will reach a preliminary accord to end the prolonged trade war between the world’s two largest economies. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, with Shanghai blue chips gaining 0.6 per cent and Hong Kong’s Hang Seng up 1 per cent.

Japan’s Nikkei shed 0.4 per cent and South Korea’s Kospi 200 dropped 0.5 per cent, while volumes were light across the board.

E-Mini futures for the S&P 500 were 0.1 per cent higher and European futures also pointed to a higher open, with EUROSTOXX 50 futures trading 0.3 per cent higher.

In commodities, oil prices fell for the second straight day. 

(With inputs from Reuters)