Indian shares eked out modest gains on Tuesday despite mixed cues from global markets and weakness in rupee.
A cautious undertone prevailed as modest cuts in China’s loan prime rates failed to inspire and investors looked ahead to Fed Chair Jerome Powell’s congressional testimonies on Wednesday and Thursday for clues on the monetary policy path ahead.
Markets traded mostly lower before reversing direction to end higher at near record highs, led by buying in the final hour of trade.
The benchmark S&P BSE Sensex ended the session up 159.40 points, or 0.25 percent, at 63,327.70, while the broader NSE Nifty index settled 61.25 points, or 0.33 percent, higher at 18,816.70.
Eicher Motors, HDFC Life, Power Grid Corp, HCL Technologies and Tata Motors jumped 2-3 percent in the Nifty pack, while Mahindra & Mahindra, Sun Pharma, Bajaj FinServ and Bajaj Finance dropped 1-2 percent.
Asian markets ended on a mixed note earlier in the day while European stocks were subdued in cautious trade.
Gold prices were mixed, and the dollar lacked clear direction while oil prices traded higher after data showed that Chinese imports of Russian oil last month hit their highest level since Moscow’s February 2022 invasion of Ukraine.
Market Analysis
Sensex, Nifty End Higher On Late Buying
2023-06-20 10:25:59
