Market snaps 9-day losing streak; Sensex jumps 227 pts, Nifty over 11,200

Benchmark indices snapped their nine-day losing streak, helped by gains in Reliance, ITC. and State Bank of India, to end Tuesday's volatile session with gains.
 

The S&P BSE Sensex ended the day 228 points, or 0.61 per cent, higher at 37,319, with Sun Pharma, Bharti Airtel, Vedanta, IndusInd Bank, and State Bank of India among the top gainers. While Sun Pharma gained nearly 6 per cent, the rest of the above-mentioned counters moved up 2.3 per cent to 5.4 per cent. Of the 30 BSE constituents, 16 ended in the green.

The broader Nifty50 index finished 74 points, or 0.66 per cent, higher at 11,222. About 897 stocks advanced and 875 shares declined on the NSE.

Among sectoral indices, the Nifty PSU Bank index made the maximum gain, up almost 3 per cent, while Nifty Pharma index also rose 1.5 per cent. Nifty IT index ended the day in red, down 1.2 per cent.

In the broader market, the S&P BSE MidCap index rose 88 points, or 0.62 per cent, at 14,213, while the S&P BSE SmallCap index was up 42 points, or 0.30 per cent, at 13,844 level.

BUZZING STOCKS

Shares of Tata Steel traded lower for the ninth straight day on Tuesday, down 0.39 per cent on the BSE, at Rs 462.75 apiece. The stock has been falling ever since concerns over the European Commission's (EC) likely rejection for the proposed joint venture between the company's European arm and ThyssenKrupp surfaced. READ MORE

Jet Airways (India) slumped 7.42 per cent to Rs 129.10 on the BSE on Tuesday on a news report that Etihad Airways had put in stiff conditions in its bid that includes substantial write down of the Rs 9,000-crore loan. READ MORE
 

GLOBAL MARKETS & OIL
 

Fresh volleys in the US-China tariff war pressured Asian shares on Tuesday, but comments from US President Donald Trump that he expects trade negotiations to be successful eased some worries.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.1 per cent on Tuesday afternoon. The index had earlier fallen as much as 1.25 per cent to its lowest since January 30.

Brent crude futures were at $70.40 a barrel, up 38 cents or 0.24 per cent. US West Texas Intermediate (WTI) crude futures were at $60.92 per barrel, down 12 cents or 0.2 per cent.

(With inputs from Reuters)