Mumbai. Ahead of the presidential elections in America, the local stock market recovered from the initial fall and closed with gains on Tuesday due to strong buying in banking, steel and petroleum and gas stocks amid strong trend in global stock markets. During this period, BSE Sensex jumped 694.39 points and closed at 79,476.63 points. During the day’s trading, it had increased by 740.89 points or 0.94 percent to reach 79,523.13 points. National Stock Exchange’s Nifty rose 217.95 points and closed at 24,213.30 points.
Due to the cautious attitude of investors before the US Presidential elections, the stock markets opened with a weak trend and traded in a limited range with a negative trend in the first half of the session. During this period, Sensex reached a low of 78,296.70 points and Nifty reached a low of 23,842.75 points. However, buying in the afternoon session helped the indices recover from the losses and closed with gains.
Prashant Tapse, Senior Vice President (Research), Mehta Equities Ltd, said, “A notable correction was seen around market close, when value-based buying in banking stocks along with gains in metal and oil and gas stocks led the market. ‘ “Positive sentiment in Asian and European indices ahead of the US election results boosted local traders’ confidence, although the medium-term outlook remains bleak due to further interest rate cuts by the US central bank Federal Reserve and subdued corporate earnings,” he said. Looks blurry.
Among the Sensex shares, JSW Steel rose by about five percent and Tata Steel rose by about four percent. Apart from this, Axis Bank, IndusInd Bank, HDFC Bank, State Bank of India, Kotak Mahindra Bank and UltraTech Cement were among the major gainers. Were. On the other hand, shares of Adani Ports, ITC, Bharti Airtel and Asian Paints declined.
Vinod Nair, Head of Research, Geojit Financial Services, said, ‘The domestic market showed a sharp recovery and recovered most of the previous day’s losses amid a possible decline in the second quarter gross domestic product (GDP) forecast and uncertainty over the US presidential election. .’ However, the recent surge in domestic manufacturing activity data and expected improvement in consumption in the second half of the current financial year are expected to support market sentiment, Nair said.
BSE Midcap index rose 0.48 percent and Smallcap index rose 0.41 percent. In other markets of Asia, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng closed with gains. South Korea’s Kospi remained in loss. Most of the markets in Europe were trading with gains in the afternoon session. American markets closed with a decline on Monday.
Meanwhile, global oil benchmark Brent crude rose 0.60 percent to $ 75.53 per barrel. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 4,329.79 crore on Monday.