Sensex Today: Benchmark indices staged a smart recovery on Tuesday, ending nearly 0.75 per cent off day’s lows. The S&P BSE Sensex settled at 63,328, up 159 points, while the Nifty50 reclaimed the 18,800-mark.
Afternoon buying in Tata Motors, HCL Tech, Kotak Bank, RIL, Power Grid, Infosys, L&T, Axis Bank, TCS, and Tech M lifted the indices.
The broader market indices, however, outran frontline indices as they added up to 0.47 per cent.
Among sectors, the Nifty Media index fell 1 per cent, followed by the Nifty Pharma index (down 0.16 per cent). On the upside, the Nifty Metal and Auto indices added 0.8 per cent each.
Among individual stocks, IIFL Securities lost 15% after India’s market regulator banned its stockbroking unit from onboarding any new client for two years, citing alleged misuse of client funds.
Hero MotoCorp lost over 1% and was among the top Nifty 50 losers. The two-wheeler maker’s shares have fallen for five sessions in a row amid the corporate affairs ministry’s probe into alleged diversion of funds. Hero MotoCorp was the top loser in auto index as well, which fell 0.5%.
On the other hand, HDFC Asset Management Company gained over 7% on media reports that said UK’s abrdn plc will sell shares in the company.
Global Cues
Oil prices were mixed on Tuesday ahead of a decision on lending benchmarks by China, with the world’s second-largest economy widely expected to cut key rates to shore up a slowing recovery.
Asian markets fell on worries that China’s latest rate cut was not enough to boost economic growth. Wall Street equities were closed on Monday for a federal holiday.
Powell is scheduled to deliver congressional testimonies on monetary policy on Wednesday and Thursday. Traders are pricing in a nearly 75% chance of a 25-basis points rate hike by the Fed at its July meeting, after a pause in June.
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