Tuesday saw the highest closing levels for Indian benchmarks in over two weeks due to a spike in heavyweight bank and financial stocks, which have underperformed relative to their sectoral peers thus far this year.
At 3:30 pm IST, the S&P BSE Sensex gained 0.9% to 78053.5, while the NSE Nifty 50 index gained 0.8% to 23721.3. Financials gained roughly 2% and banks 1.7%. The two indexes were the top sectoral percentage gainers.
The heaviest stock on the benchmark Nifty, private lender HDFC Bank, increased 2.3%. Peer ICICI Bank closed at a record high, with a market capitalization exceeding $100 billion.
According to Religare Broking’s senior vice president of research Ajit Mishra, the outperformance of banking stocks is the main source of support for the markets, which are currently devoid of any significant domestic catalyst.
Analysts predicted buying would continue in financials and banks, which have lagged behind this year’s gains in metals, autos, and real estate stocks by 24–43% In a post-election rally, the benchmark Nifty 50 index has risen 8.4% from its June 4 low.
Battery manufacturer Amara Raja Energy and Mobility’s individual stock prices increased 19% following a licensing agreement with a Gotion High Tech unit in China. Following the gauge’s earlier record high, Amara’s gains caused domestically focused small-caps to close 0.14 percent higher.
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