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    Bulls regain ground: Sensex soars 567 pts led by bank and IT stocks

    Synopsis

    The market capitalisation of all listed companies on BSE increased by Rs 3.57 lakh crore to Rs 319.75 lakh crore

    Semsex rises todayiStock
    Indian equity indices rebounded on Tuesday, in line with the global markets on easing US rate worries while investors kept tabs on the military conflict in the Middle East. Gains were led by the banking, financial and IT stocks.

    The BSE benchmark Sensex advanced 567 points or 0.87% to settle at 66,079. The broader NSE Nifty surged 177 points or 0.91% to end at 19,689.

    From the Sensex pack, Bharti Airtel, Kotak Bank, JSW Steel, and Tata Motors were the top gainers, rising 2-3%. While IndusInd Bank, TCS, and Titan closed in the red.

    Among individual stocks, Mazagon Dock Shipbuilders closed 5% higher after the firm signed a Letter of Intent with a European client for the construction of multi-purpose hybrid power vessels.

    Shares of Suzlon Energy closed in 5% lower circuit for the second consecutive day after it was put on Direct stage IV “ASM framework" with effect from October 9.

    The Nifty Realty index climbed 4% following an 8% jump in Prestige Estates and a 6% rise in Sobha. PSU Bank stocks added 2.1%, led by Union Bank of India, and Indian Overseas Bank.

    The more domestic-focused Nifty Smallcap 100 and NiftyMidcap outperformed the blue-chips, rising nearly 1.4% each.

    Meanwhile, the market capitalisation of all listed companies on BSE increased by Rs 3.57 lakh crore to Rs 319.75 lakh crore.

    The market breadth was skewed in the favour of the bulls. About 2,555 stocks gained, 1,099 declined, and 135 remained unchanged on the BSE.

    Expert Take
    "The Indian market completely recovered Monday’s losses which was mainly due to the Hamas-Israel conflict. Moderation in crude prices and positive global cues on account of dovish remarks from Fed officials, which restrained US bond yields, aided the rebound," said Vinod Nair, Head of Research at Geojit Financial Services.

    The domestic market's primary focus is currently on the approaching result season, with optimistic expectations on earnings, said Nair.

    Aditya Gaggar, Director of Progressive Shares, said, "On the daily chart, the Index has formed a bullish candle which indicates a strong comeback of the bulls. A convincing close above the 19,740-19,780 zone will confirm a trend reversal and in that case, the Index is likely to extend its up-move to 20,000. The immediate support stands at 19,575."

    Global Markets

    Global stocks snapped higher on Tuesday, in line with a retreat in bond yields after the Federal Reserve officials signaled that the recent yield surge could justify caution on interest rates, while oil eased, but violence in the Middle East made for nervy trading.

    The MSCI All-World index rose for a fifth day, up 0.5%, after having hit five-month lows last week, thanks in part to a 1.4% rise in Europe's STOXX 600.

    Japan's benchmark Nikkei average jumped 2.5%, while Australia's S&P/ASX 200 closed up 0.7%, both led by energy stocks.

    Oil Prices Fall
    Oil prices eased on Tuesday after rallying more than 4% in the previous session, with traders cautious as they watched for potential supply disruptions amid military clashes between Israel and the Palestinian Islamist group Hamas.

    Brent crude fell 53 cents to $87.63 a barrel, while US West Texas Intermediate (WTI) crude eased 56 cents to $85.81 a barrel. Both benchmarks had fallen by more than $1 in earlier trading before recovering slightly.

    Currency Watch
    The Indian rupee oscillated in a thin range on Tuesday and ended barely changed against the dollar amid a decline in US Treasury yields and concerns over high crude oil prices following the Middle East conflict.

    The rupee closed marginally stronger at 83.2450 against the US dollar compared with a close of 83.2625 in the previous session. The Indian unit traded in an 83.2275-82.26 range during Tuesday's session.

    (With inputs from agencies)



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    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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