Sensex Rises 697 pts, Nifty Settles Above 17,300; RIL Surges 3.5%
Sensex Rises 697 pts, Nifty Settles Above 17,300; RIL Surges 3.5%
Markets Today: Benchmark indices started on a flat note on Tuesday as global sentiment remains subdued amid a sharp rally in oil prices again.

Benchmark indices ended higher on Tuesday amid a volatile session led by auto, bank, IT, oil & gas stocks. At close, the Sensex was up 696.81 points or 1.22 per cent at 57,989.30, and the Nifty was up 197.90 points or 1.16 per cent at 17,315.50. About 1573 shares have advanced, 1745 shares declined, and 99 shares are unchanged.

Tech Mahindra, BPCL, Tata Motors, Reliance Industries and IOC were among the top Nifty gainers, while losers were HUL, Nestle India, Britannia Industries, Cipla and Divis Lab.

Among sectors IT, Auto, Bank and Oil & Gas indices rose 1 per cent each, while Realty index was down 1 per cent. The BSE midcap and smallcap indices ended on flat note.

Neeraj Chadawar, Head – Quantitative Equity Research, Axis Securities, said: “It was a volatile day for the equity market and nervousness was seen in the morning session while investors’ sentiments turned positive in the second half with more buying seen in IT stocks. US 10 year bond yields have crossed 2.3 per cent after the more hawkish commentary from the US FED to control the inflation.”

“We believe that volatility will likely continue before we conclude the equilibrium. Investors should focus on the quality names where the earnings expectations are intact, and raw material inflation pressure is limited. Adding to that, we are seeing inflation as a big theme. Value focussed sectors are more inflation proxies and tend to do well in rising inflationary scenarios, and we are likely to see a good amount of allocation happening in the next one to two years in value focussed sectors,” said Chadawar.

Global Cues

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