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The Sensex rose 1.5 per cent on Tuesday, marking its biggest single-day gain in almost a month, as information technology (IT) shares such as Infosys rose to a 28-month high on optimism about the sector's business outlook while beaten-down lenders rose on value buying.
Additional measures by the government since Monday, aimed at attracting capital inflows into a weak economy and to control a wide current account deficit, were also seen boosting sentiment.
The government on Tuesday also raised the import duty on gold to 10 per cent from eight per cent and that on silver to 10 per cent from six per cent.
Traders continue to monitor the rupee and await further steps by the government to prop up the troubled currency, while eyeing global developments related to stimulus withdrawal in the US to gauge the near-term direction of the market.
The Sensex rose 1.49 per cent, or 282.86 points, to end at 19,229.84, rising for a third consecutive day to mark its highest close since August 1. The Nifty rose 1.55 per cent, or 86.90 points, to end at 5,699.30, closing just a tad below the psychologically important 5,700 level.
IT shares gained as the rupee remained near a record low and on increasing optimism about the sector's business outlook. Infosys rose 2.6 per cent, while Tata Consultancy Services ended 0.3 per cent higher. Tech Mahindra shares rose 5.1 per cent after its April-June standalone net profit saw an over-three-fold rise to Rs 599 crore.
Banking shares gained on value buying. ICICI Bank rose 2.9 per cent, while HDFC Bank ended three per cent up.
The Bank Nifty fell 16.3 per cent in four consecutive weekly falls, as of Thursday's close.
Sun Pharmaceutical Industries gained 1.1 per cent adding to Monday's 7.1 per cent rise after April-June earnings were seen as positive after factoring out a provisioning charge to settle a patent suit. Cipla gained 2.2 per cent, rising for a third day after its April-June net profit rose 18.5 per cent to Rs 475 crore.
DLF gained 7.9 per cent after the company's April-June earnings surpassed expectations.
Marico shares rose 4.7 per cent after the company reported a rise of 27.4 per cent in April-June profit, beating analysts' estimates. However, among decliners, Hindalco Industries fell 2.8 per cent after its profit adjusted for higher other income came in lower than expectations.
