Mumbai: Positive cues from global stock markets helped the Indian shares extend gains on Tuesday. After a flat opening, local equities gained momentum in second half of the day as the European markets lifted investor sentiment.
Stock markets in Europe rebounded from a 10-week low after the European Central Bank president signaled his support for purchase of fresh Greek bonds to replace maturing securities. The positive comments revived investor sentiment as it paves the way for Greece’s debt re-organization.
Sensex: 18,495 +0.41%
Nifty: 5,556 +0.44%
Nikkei: 9,442 +0.67%
Stoxx 50: 2,772 +0.27%
Value buying in beaten down stocks helped the benchmark indices extend gains for a second day. Buying at low levels helped Reliance Industries, JP Associates and Tata Steel increase over 2% each.
Sun Pharma: Rs 489 +2.41%
Reliance Industries: Rs 959 +2.33%
JP Associates: Rs 84 +2.05%
Tata Steel: Rs 579 +2.05%
Meanwhile, investors booked profits in Hindustan Unilever, Hero Honda and Larsen & Toubro. Last week these stocks were some of the biggest gainers in the Nifty.
Hindustan Unilever: Rs 306 –2.56%
Hero Honda: Rs 1,830 –1.64%
Larsen & Toubro: Rs 1,706 –1.26%
Except capital goods and FMCG, all BSE sectoral indices closed the day up.
BSE Realty: 2,172 +1.64%
BSE Oil & Gas: 9,554 +1.28%
BSE IT: 6,127 +1.24%
BSE Healthcare: 6,422 +1.12%
HDIL surged on reports that Mumbai authorities have started shifting eligible families to its slum rehabilitation project in Kurla. The progress in slum rehabilitation project is estimated to help HDIL realize higher transferable development rights.
HDIL: Rs 179 +5.87%
Anant Raj Industries: Rs 73 +3.46%
Orbit Corporation: Rs 45 +3.09%
Shares of Karnataka Bank surged on speculation that a large Indian bank is looking to acquire it.
Karnataka Bank: Rs 120 +6.19%
Overall, 52.68% of the shares traded on the BSE closed the day with gains.