Sensex: Sensex reclaims Mt 59K as investors rush to buy beaten-down sectors

NEW DELHI: After a late buying in beaten-down sectors, benchmark indices climbed higher, breaking two-day losing run on Tuesday. Realty names were under the spotlight after Karnataka government reduced stamp duty.

Metals, IT and defensive stocks were in great demand as well. The broader market was mixed, with smallcaps under selling pressure, amid weak global cues.

The 30-share pack Sensex rose 514.34 points or 0.88 per cent to close at 59,005.27. The index gyrated 852 points before closing near the day’s high. Its broader peer NSE Nifty advanced 165.10 points or 0.95 per cent to 17,562.

“Domestic indices staggered during the early trading session however positive trends in the global markets comforted Indian equities to rebound during the second half. Global stocks recovered from the fears sparked by troubles in the Chinese economy, ahead of the FOMC meeting that will start later in the day,” said Vinod Nair, Head of Research at Geojit Financial Services.

Market at a glance:

NDTV hits another 10 per cent upper circuit limit on rumours of a buyout
ITC breaks out over the Rs 240 hurdle, gains 3 per cent
India VIX, a measure of fear and volatility, eases nearly 6 per cent
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Auto stocks continue to decline, Maruti leads with a 3 per cent fall

Among the bluechip names, JSW Steel was the top gainer, rising 5.97 per cent. ONGC, Bajaj Finance, IndusInd Bank, Tata Steel, Bajaj Finserv, ITC and Tech Mahindra were other gainers.

Maruti Suzuki was the top loser in the Nifty pack, falling 2.45 per cent. Bharat Petroleum, Hero MotoCorps, Bajaj Auto, Nestle India, PowerGrid, HDFC Bank and Britannia were others that ended in the red.

Broader market indices also ended mixed, underperforming their headline peers. Nifty Smallcap declined 0.14 per cent and Nifty Midcap rose 0.64 per cent. Nifty 500, the broadest index on NSE, ended up 0.81 per cent.

Gujarat Narmada Fertilisers, PVR, Alkyl Amines, Oil India, Mindtree and Prestige Estate Projects were top gainers from mid and smallcap indices, climbing in the range of 5-8 per cent.

CESC, Indiabulls Housing Finance, Tata Elxsi, Radico Khaitan, UTI Asset Management, APL Apollo were major losers from broader market space, falling in the range of 3-5 per cent.

Barring Nifty Auto and Nifty PSU Bank which fell 0.46 per cent and 0.05 per cent, respectively, all other sectoral indices on NSE ended higher. Nifty Realty was up 3.57 per cent. Nifty Metal followed with 2.55 per cent gain and Nifty IT was up 1.94 per cent.

Market breadth was neutral as 1,616 stocks ended in the green, while 1,613 names settled with cuts. As many as 169 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 30 names hit 52-week lows, mostly from the microcap space. About 320 stocks hit upper circuit limits and 210 lower circuit limits.

European markets were trading higher. London-based FTSE was up 1.16 per cent while Paris and Frankfurt advanced 1.38 per cent and 1.38 per cent, respectively. In Asia, Japan and Indonesia ended in red, while Thailand, Hong Kong and Singapore gained. South Korea, Taiwan and China were closed for trading.