Mumbai: Stocks remained on the frontfoot as the Sensex on Tuesday sprinted 213 points to close at 29,788, after three days of losses, on investors’ optimism about March quarter earnings.
Investors are looking forward to a set of economic data—industrial production (IIP) for February and CPI inflation for March due on Wednesday. The quarterly results are going to kick off with Infosys announcing its numbers on Thursday.
Sectoral indices such as FMCG, capital goods, PSU, realty and banking were in the lead, giving sentiment a lift. The 30-share barometer resumed higher before ending at 29,788.35, a recovery of 212.61 points, or 0.72%.
The gauge had lost 398.50 points in the previous three sessions. The NSE Nifty again crossed the 9,200-mark to hit a high of 9,242.70 and settled 55.55 points, or 0.61%, higher at 9,237.
“The rupee reversing some of its losses and approaching Infy Q4 results propped up IT stocks. Banks continue to look forward to NPA resolution measures shortly, and the strength was visible on Tuesday.
India’s IIP and CPI release tomorrow will keep market interested, but may not make a strong move until Q4 numbers start flowing in,” said Anand James, chief market strategist, Geojit Financial Services.
Hopes of good show by IT major Infosys for the March quarter helped. The stock recovered 1.49%. ICICI Bank, SBI, L&T, Wipro, Bharti Airtel and Asian Paints all added to the broad momentum.
The BSE FMCG index surged 1.56% whereas ITC soared 3.16%.
Other sectoral indices did not disappoint as capital goods rose 1.48%, PSU 1.45% and realty 1.29%. Small-cap and mid-cap indices firmed up by 1.01% and 0.39%, respectively.
Meanwhile, the foreign funds sold net Rs 716.19 crore on Monday, as per provisional figures.
Overseas, shares remained mixed as investors continued to digest the ramifications of last week’s US air strike on Syria.
The market breadth remained positive as 1,724 stocks ended higher, 1,153 closed lower while 144 ruled steady. The total turnover fell to Rs 3,613.98 crore, from Rs 4,013.18 crore yesterday.