New Delhi: The equity index surged on Tuesday with BSE Sensex benchmarks up nearly 400 points, led by profits in banking, car stock and finance.
The 30-share BSE index jumped 397 points or 0.76 percent to close at 52,770; While the wider NSE settled 120 points or 0.76 percent higher at 15,812.
The top transaction in the Sensex package includes ICICI Bank, HDFC, AXIS Bank, Sun Pharma, NTPC and M & M with their shares up 2.74 percent.
While Dr.
Reddy’s, HCL Tech, Tech Mahindra, Maruti and Hul fell up to 0.92 percent.
On the NSE platform, the Nifty Bank sub-index, private banks, automated and financial services rose to 1.48 percent.
According to experts, the profits in banking and automatic stocks raise the market as a lower increase than expected in June retail inflation assisted putting stimulus worries easily amid global stock rallies.
“Previously there was fear in the market that the increase in higher inflation would cause pullback in the stimulus but the concern was now being utilized,” Saurabh Jain, assistant vice president of research at SMC Global Securities Ltd told the Reuters news agency.
“The rally that occurs in the global market also provides clarity because the Delta variant does not hurt the market in the main way,” he added.
In addition, investors are optimistic because US equity recovers from previous losses and the three main indices end with the highest record because of the expectations of a strong June quarter income raising sentiment.
Meanwhile, foreign institutional investors (FIIS) are clean sellers in the capital market because they lowered shares worth 745.97 crore on Monday, according to temporary exchange data.
(With input from agency)