Indian equities ended sharply higher on Tuesday snapping earlier losses. Metals, realty and IT stocks witnessed heavy buying interest while auto and power stocks declined.
At the close, the benchmark 30-share index, BSE Sensex gained 514.34 points or 0.88% at 59,005.27 with 19 components registering rise. Meanwhile, the broad based NSE Nifty climbed by 165.10 points or 0.95% at 17,562 with 29 components registering rise.
Major gainers in the 30-share index were ONGC (5.14%), Bajaj Finance (4.94%), IndusInd Bank (4.29%), ITC (3.36%), Bajaj Finserv (3.18%), Tata Steel (3.08%), HCL Technologies (1.85%) and Tech Mahindra (1.81%).
On the other hand, Maruti Suzuki India (2.54%), Bajaj Auto (1.20%), Nestle (0.83%), HDFC Bank (0.61%), Power Grid Corporation Of India (0.45%) and Axis Bank (0.01%), and were the major losers in the Sensex.
Market breadth was mixed with 1,616 advances against 1,613 declines.Global markets bounced back as fear with regards to collapse of struggling Chinese developer Evergrande Group like Lehman Brothers eased a little.
Commenting on the market outlook, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services said, "Indian markets opened positive and after remaining lacklustre in the initial half, it surged higher in the second half to close near days' high. Further with global economy slowing down due to rising Delta variant cases, investors are anticipating the central banks would continue with their dovish tone except consumer durables and auto, all other sectoral indices ended in the green, with realty, IT and metal indices up 2-3%. Broader market ended on a mixed note.
Global cues would continue to influence market this week as all eyes is set on ECB and US Fed MPC outcome where the expectation of continuation of dovish stance is running high. On the domestic front, with active cases falling to 6-month low, sentiments continue to be buoyant as the economic recovery continues. However, with valuations getting stretched, there would be bouts of volatility intermittently and hence traders should navigate cautiously."