Reversing the early losses, the domestic equity market closed in the positive territory on Tuesday, led by buying in financials, pharma, auto and metal counters. The S&P BSE Sensex
ended at 36,347, up 77 points or 0.2 per cent, while NSE's Nifty50 index reclaimed the crucial 10,900 level to sign off the day at 10,909, up 20 points or 0.2 per cent.
In the 30-share Sensex
pack, 20 components ended in the green while rest in the red. Sun Pharma emerged as the top gainer on the index and Infosys the top loser. L&T, ICICI Bank and Reliance Industries (RIL) contributed the most to the index’s gains.
In the broader Nifty50 index of National Stock Exchange (NSE), 33 constituents advanced while 17 declined.
Among individual stocks, shares of Zee Entertainment Enterprises (ZEE) tumbled around 8per cent to Rs 463 apiece on BSE amid concerns growth trends in over-the-top (OTT) content and worries related to the rise in cost may hit the profitability of the company. According to a CNBC TV18 report, Kotak Institutional Equities downgraded Zee to ‘reduce’ and cut target price to Rs 430 from Rs 600.
Shares of liquor companies were in focus with United Breweries and Globus Spirits rallying up to 8 per cent on the BSE, on the expectations of higher volume growth in the current quarter(October-December).
Sectorally, shares of public sector undertaking (PSU) banks gained for the sixth straight trading session after Shaktikanta Das was named as the 25th governor of the Reserve Bank of India (RBI) last week. Oriental Bank of Commerce, Bank of India, Union Bank of India, Syndicate Bank, UCO Bank, Central Bank of India, Canara Bank, Indian Bank and Allahabad Bank were up in the range of 2 per cent to 4 per cent during the session.
The broader market performed in line with the benchmark peers with the S&P BSE Midcap index ending at 15,290, up 0.2 per cent, while the S&P BSE Smallcap index closed at 14,606, up 0.45 per cent.
The domestic currency touched a near three-week high against the US dollar on Tuesday on lower crude prices and expectations of fewer US rate hikes in 2019 as markets
counted down to a crucial Federal Reserve meeting. The domestic unit traded in the range between 70.73 -71.35.
Asian share markets
sank on Tuesday as heightened worries about a slowing global economy sent Wall Street stocks skidding to their lowest levels in more than a year.
MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.9 per cent in mid-afternoon trade while Japan's Nikkei lost 1.8 per cent to close at its lowest since late March. Chinese shares slumped, with the blue-chip index dropping 1.1 per cent and Hong Kong's Hang Seng index down 1.2 per cent, while Australian shares also lost 1.2 per cent.
Brent crude prices dropped more than $1 on Tuesday, falling for a third straight session, as reports of inventory build and forecasts of record shale output in the United States, now the world's biggest producer stoked worries about oversupply.
Concerns over future oil demand amid weakening global economic growth and doubts over the effectiveness of planned production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) also pressured prices, traders said.
International benchmark Brent crude oil
futures were at $58.62 per barrel, down 99 cents, or 1.66 per cent, from their last close. Brent, which has slipped more than 4 per cent in the past three sessions, fell to as low as $58.10 a barrel on Tuesday, down more than $1.50 from the previous day's close. US West Texas Intermediate (WTI) crude futures were down 91 cents or 1.82 per cent at $48.97 per barrel.