Sensex, Nifty snap nine-day losing streak to close higher as banking, pharma stocks lead gains
Sun Pharmaceuticals, Bharti Airtel, Vedanta, IndusInd Bank, and Reliance were the top gainers at the BSE.
Indian markets closed higher on Tuesday, snapping a nine-day losing streak. The BSE Sensex closed 227.71 points higher at 37,318.53 while the National Stock Exchange Nifty gained 73.85 points to finish at 11,222.05.
On Monday, shares of several Indian pharmaceutical companies had fallen sharply after they were named in a multi-state lawsuit in the United States. However, pharma stocks, along with shares of banking and energy companies, led gains on Tuesday, Mint reported.
“We have a cautious outlook on the markets in the near-term given the recent escalation in the US-China trade war,” Jayant Manglik, president of retail distribution at Religare Broking told Mint. “On the domestic front too, mixed corporate earnings as well as speculations regarding election outcome would continue to induce volatility in the markets.”
Sun Pharmaceuticals, Bharti Airtel, Vedanta, IndusInd Bank, and Reliance were the top gainers on the Sensex. On the Nifty, the biggest gainers were Indiabulls Housing Finance, Bharti Airtel, Sun Pharmaceuticals, Vedanta, and GAIL.
The biggest losers on the Sensex were Tata Consultancy Services, HCL Technologies, Bajaj Finance, Bajaj Auto, and Infosys. Stocks of Tech Mahindra, Bajaj Finance, Tata Consultancy Services, Wipro, and HCL Technologies declined the most on the Nifty.
All other major Asian indices finished lower on Tuesday. The Hong Kong Hang Seng ended 428.22 points lower. The Shanghai SE Composite Index fell 20.10 points, the Taiwan market lost 39.04 points, and Japan’s Nikkei 225 closed 124.05 points lower.
The Indian rupee closed nine paise higher at 70.44 against the US dollar.