Stock markets rally for 3rd day amid positive global trend

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Benchmark equity indices rallied for the third day in a row on Tuesday amid firm global market trends and buying across the energy, banking and consumer staples counters.

The 30-stock BSE Sensex jumped 549.62 points or 0.94% to settle at 58,960.60. During the day, it zoomed 732.68 points or 1.25% to 59,143.66.

Similarly, the broader NSE Nifty jumped 175.15 points or 1.01% to end at 17,486.95.

State Bank of India (SBI) was the biggest gainer in the Sensex pack, climbing 3.41%, followed by ITC, Nestle India, Bharti Airtel, IndusInd Bank, L&T, M&M and Reliance Industries.

Only five voters finished in the red – HDFC, NTPC, Tech Mahindra, Sun Pharma and HDFC Bank, slipping as much as 0.72%.

“The Indian market maintains its gains thanks to favorable global and domestic signals. The homegrown positivity is the downward trend in crude prices and the upside outlook for second-quarter corporate earnings.

“Notably also, RBI’s confidence that headline inflation peaked in September and will now decline is being welcomed by the financial market, providing an advantage to banks,” said Vinod Nair, head of research at Geojit Financial Services.

Ajit Mishra, Vice President – Research, Religare Broking Ltd, said the recent rebound in markets can largely be attributed to the rally in global indices, as earnings have been mixed so far.

“In addition to global markets, we believe that the participation of key sectors on a rotational basis would be essential for sustained progress.

Amid all the positivity, traders should stay focused on day-to-day risk management,” he added.

In the broader market, the BSE mid-cap gauge jumped 1.06% and the small-cap index climbed 0.71%.

All of the BSE sector indices ended in the green, with capital goods climbing 1.97%, real estate jumping 1.76%, industrials (1.71%), autos (1 .50%), electricity (1.46%), utilities (1.46%). , FMCG (1.22%) and energy (1.13%).

Other Asian markets in Seoul, Tokyo and Hong Kong ended with gains, while Shanghai stabilized lower.

European stock markets were trading in positive territory in mid-term trades. Wall Street ended sharply higher on Monday.

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