Sensex tops 63k, Nifty rises 115 points; Tanla Platforms, Macrotech jump up to 17%

Domestic equity markets extended their gains for the second straight session on Tuesday. Buying across all the major sectors pushed the markets higher amid positive global and domestic cues. In-line domestic inflation numbers supported the market sentiments, while traders now await the US monetary policy later this week.

For the day, the 30-share pack BSE Sensex gained 418.45 points, or 0.67 per cent, to settle at 63,143.16, while NSE's Nifty50 gained 114.65 points, or 0.62 per cent, to end the session at 18,716.15. Broader markets outperformed the headline peers as BSE midcap and smallcap indices added a per cent, each. Fear gauge India VIX dropped more than a per cent to 11.11-level.

Markets witnessed a spectacular rally towards the close as bullish bets on realty, metals, and oil and gas stocks aided Sensex to close above the 63,000 mark.

Moderating inflation and strong IIP growth numbers coupled with expectations that the US Fed could hold interest rates steady in this week's FOMC meeting buoyed the sentiment, said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.

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"Technically, the Nifty has formed a bullish candle on daily charts, which is largely positive. For bulls, 18,600 would act as a sacrosanct support zone. As long as the index is trading above the same, the positive sentiment is likely to continue till 18,800-18,850. However, below 18,600, the uptrend would be vulnerable and below the same, traders may prefer to exit from the long positions," he said.

On a sectoral front, only the Nifty auto index settled in the red. Among the gainers, Nifty realty gained more than 3 per cent, while Nifty media index gained about 2 per cent. Nifty FMCG, pharma, healthcare and consumer durable indices gained more than a per cent, each, for the day.

In the Nifty50 pack, Tata Consumer Products, Cipla and ITC gained over 2 per cent, each, while Titan Company and Asian Paints rose about 2 per cent, each. Tata Steel, Divis Laboratories, Reliance Industries, Bajaj Finserv and Axis Bank were among the other key gainers on the index.

Among the losers, Kotak Mahindra Bank dropped more than a per cent. Adani Ports, Adani Entertainment, HCL Technologies and Mahindra & Mahindra were the other key losers, falling about a per cent, each.

The sustained flow of better-than-expected domestic macro-economic data kept the market mood afloat, with the Nifty midcap trading to all-time highs, said Vinod Nair, Head of Research at Geojit Financial Services.

"The domestic CPI data moderated closer to the RBI’s target due to tone-down in food inflation and a favorable base, which increased the likelihood of a rate cut by the end of the year. Attention now turns to the release of US inflation data and the upcoming FOMC announcement, where the view is optimistic on keeping rates on hold," he said.

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A total of 3,722 shares were traded on BSE on Tuesday, of which 2,127 settled higher. 1,458 stocks ended the session higher while 137 shares remained unchanged. A total of 249 shares hit their upper circuit, whereas 128 shares tested the lower circuit levels for the day.

Among the gainers, Tanla Platforms gained about 17 per cent, while Bodal Chemicals surged 16 per cent. Punjab Chemicals and Crop Protection surged 12 per cent, while Bombay Burmah Trading Corp, Lodha Developers and Kirloskar Ferrous Industries gained 10 per cent, each.

On the contrary, Ruby Mills gained more than 6 per cent, while Nucleus Software Exports and Jay Bharat Maruti dropped more than 5 per cent each. Hindustan Construction Company, NR Agarwal Industries, Stylam Industries and Greenlam Industries shed 5 per cent, each.

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