Mumbai. The six-day long decline in local stock markets came to an end on Tuesday and BSE Sensex rose 585 points. The market remained on the rise due to buying in HDFC Bank, Reliance Industries and Mahindra & Mahindra, which have a strong stake in the index. BSE Sensex based on 30 shares closed at 81,634.81 points with a gain of 584.81 points or 0.72 percent. At one time during trading it had climbed 713.28 points.
National Stock Exchange’s Nifty also stood at 25,013.15 points with a rise of 217.40 points or 0.88 percent. Among the Sensex stocks, Adani Ports and Special Economic Zone, Mahindra & Mahindra, Reliance Industries, HDFC Bank, Larsen & Toubro, NTPC, State Bank of India, UltraTech Cement and Kotak Mahindra Bank were the major gainers. On the other hand, the loss making stocks include Tata Steel, Titan, Bajaj Finserv, JSW Steel, Bajaj Finance, Hindustan Unilever, ITC, Tata Motors and Tata Consultancy Services.
Vinod Nair, head of research, Geojit Financial Services, said, “After a few days of decline in the market, Nifty-50 got support at the level of 25,800. “Contrary to the exit polls, good results for the ruling party in the state assembly elections had some positive impact on the domestic market.” Market participants are also keeping an eye on the Monetary Policy Committee (MPC) meeting to be held on Wednesday. The meeting of the reconstituted Monetary Policy Committee of the Reserve Bank of India began on Monday. BSE Midcap, related to medium companies, rose by 1.86 percent while Smallcap gained 2.44 percent. The market capitalization of BSE listed companies increased by Rs 7.51 lakh crore to Rs 4,59,50,926.21 crore.
“Investor sentiment was influenced by the ongoing crisis in West Asia as well as the results of the assembly elections in Haryana and the Union Territory of Jammu and Kashmir,” said Ameya Ranadive, senior technical analyst at Stockbox. In other markets of Asia, Japan’s Nikkei, Hong Kong’s Hang Seng and South Korea’s Kospi were in loss while China’s Shanghai Composite was in gain. There was a declining trend in the major markets of Europe in afternoon trading. The American market was declining on Monday. Global oil benchmark Brent crude fell 1.84 percent to $79.44 per barrel. BSE Sensex fell 638.45 points on Monday, while NSE Nifty fell 218.85 points.