Stock markets close higher for 2nd day; power, metal shares lead gains

PTI

Mumbai, August 29

Benchmark stock indices Sensex and Nifty closed higher on Tuesday, marking their second straight day of gains as metal and power and select financial shares advanced.

Losses in index majors Reliance Industries, ICICI Bank and Airtel, and foreign fund outflows restricted gains, analysts said. Rising for a second straight day, the BSE Sensex rose by 79.22 points or 0.12 per cent to settle at 65,075.82, tracking firm global markets. During the day, it jumped 232.43 points or 0.35 per cent to 65,229.03.

The NSE Nifty gained 36.60 points or 0.19 per cent to end at 19,342.65.

From the Sensex pack, Jio Financial Services Ltd jumped 4.72 per cent. Tata Steel, Tech Mahindra, NTPC, JSW Steel, Power Grid, UltraTech Cement, HCL Technologies and HDFC Bank were among the major gainers.

Bharti Airtel, Hindustan Unilever, Axis Bank, Reliance Industries, Kotak Mahindra Bank, ICICI Bank and IndusInd Bank were among the laggards.

"The buoyancy of the global market in anticipation of no further Fed rate hikes, due to subdued economic data, was noticeable in the Indian market as well. However, heavyweight stocks were muted compared to the sector-wise and mid & small-cap upsides," said Vinod Nair, Head of Research at Geojit Financial Services.

The metals sector rallied in anticipation of further green shoots from the Chinese government and central banks, aimed at improving the local economy, he said adding the "benefits from festival demand were evident in sectors such as consumer durables, manufacturing, power, and real estate".

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended with gains.

European markets were trading in the green. The US markets ended in positive territory on Monday.

Global oil benchmark Brent crude climbed 0.63 per cent to USD 84.95 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,393.25 crore on Monday, according to exchange data.

The BSE benchmark had climbed 110.09 points or 0.17 per cent to settle at 64,996.60 on Monday. The Nifty gained 40.25 points or 0.21 per cent to end at 19,306.05.

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