Market LIVE: Sensex up 250 points, Nifty above 11,300; Metal stocks shine

Benchmark Sensex surged over 300 points in early trade on Tuesday tracking gains in index-heavyweights ICICI Bank, HDFC twins and Infosys

Tata Steel was the top Sensex gainer, followed by ITC, Axis Bank, HDFC, Asian Paints and ICICI Bank

Shares of TVS Motor Company trade flat in early deals

Goldman Sachs Singapore PTE on Monday sold 0.75% stake or 3.55 million shares at an average price of ?417.05 in TVS Motor Company for ?148 crore, through open market transactions.

Bank of Baroda declines 1.75%

State-owned Bank of Baroda reported a net loss of ?864 crore on a standalone basis in the quarter ended June due to increased provisioning for standard accounts. The bank had reported a standalone profit of ?710 crore in the year-ago period.

Titan company down 4%

Tata group firm Titan Company Ltd reported a consolidated net loss of ?297 crore for the June quarter, impacted by lower income due to the covid-19 pandemic. The company had reported a net profit of ?364 crore in the corresponding period of the preceding fiscal.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments says

"After crossing the hurdle of 11250 we have moved swiftly to over 11350 upon opening itself. We should be able to achieve 11400 and then 11500 in this intermediate upward rally. The Nifty support continues to be at 11100."

Kotak Mahindra Bank up 0.3%

The private sector lender said that it has complied with Reserve Bank of India’s guidelines on promoter shareholding, within the prescribed timeline. For the quarter ended 30 June, promoter Uday Kotak’s stake in the bank stood at 25.82% and the total promoter shareholding was at 26.07%, showed data from BSE.

InterGlobe Aviation up 0.6%

The board of directors of InterGlobe Aviation Limited, which operates the country's largest domestic airline IndiGo, have approved raising funds to the tune of ?4,000 crore through qualified institutions placement.

Shree Cement declines 4%

The company’s net profit in June quarter rose to ?370.8 crore from ?363 crore in same quarter of the preceding fiscal. Revenue dropped to ?2,325.8 crore during the period under review from ?3,036.41 crore year-on-year.

ICICI Bank up 2.75%

The second largest private sector lender ICICI Bank has set the floor price at ?351.36 per share for its proposed share sale to raise up to ?15,000 crore. The floor price for the qualified institutional placement (QIP) of shares is at a discount of over 3% to Monday's close of ?363.60 on the BSE.

Market opening

Indian benchmark share indices opened higher on Tuesday tracking firm cues from global peers. Sensex opened at 38,371.34, up 189.26 points or 0.50%, while Nifty opened 52.10 points or 0.46% higher at 11,322.25.

ICICI Bank, rising nearly 2%, was the top Sensex gainer, followed by Axis Bank, ITC, TechM, Power Grid and Tata Steel. Titan, Bharti Airtel and Infosys were among the laggards.

Market pre-opening

Indian stocks traded higher in the pre-opening session on Tuesday. At 9:03 am, Sensex advanced 173 points or 0.5% to 38,355, while Nifty added 52 points or 0.5% at 11,322.

Market at close on Monday

The BSE Sensex notched up gains for the third straight session on Monday, bouyed by engineering, finance and pharma stocks amid positive cues from global markets.

After rallying 390.12 points during the day, the 30-share BSE benchmark pared some gains to end 141.51 points or 0.37% higher at 38,182.08.

Similarly, the NSE Nifty climbed 56.10 points or 0.50% to close at 11,270.15.

L&T was the top gainer in the Sensex pack, rallying 4.81%, followed by M&M, Sun Pharma, Tech Mahindra, NTPC, SBI, ICICI Bank and Titan.

Asian stocks rise

Asian stocks rose the most in a week on Tuesday after a drop in coronavirus hospitalizations in some US states, even as global cases topped 20 million. Crude oil extended gains and the dollar was near a one-week high.

Australia’s S&P/ASX 200 Index index rose 1.1%.

South Korea’s Kospi index climbed 1.3%.

China's Shanghai SE Composite Index gained 0.8%.

Hong Kong’s Hang Seng Index rose 2.4%.

Singapore's SGX Nifty advanced 0.65%.

Wall Street mixed with stimulus in focus

The Dow jumped 1%, the S&P 500 inched up and the Nasdaq closed lower on Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a US fiscal support bill.

The Nasdaq, which has been hitting record highs, was dragged lower by Microsoft Corp, Amazon.com Inc and Facebook Inc.

The Dow Jones Industrial Average rose 357.96 points, or 1.3%, to 27,791.44, the S&P 500 gained 9.19 points, or 0.27%, to 3,360.47 and the Nasdaq Composite dropped 42.63 points, or 0.39%, to 10,968.36. 

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