Indian Shares Up Sharply On Positive Global Cues

(RTTNews) - Indian shares opened on a buoyant note Tuesday morning, bouncing back strongly after four successive days of losses, tracking gains in global markets amid a slew of encouraging economic data from Europe, China and the U.S.

Also, short-covering and bargain hunting after recent heavy losses is contributing to market's sharp upmove. Investors, besides reacting to quarterly earnings reports, are also looking ahead to the Reserve Bank of India's monetary policy announcement, due this Thursday.

The benchmark S&P BSE Sensex, which spurted to 37,324.70 after a bright start, is currently up 332.81 points or 0.9 percent at 37,272.41. The broader NSE Nifty index is up 102 points or 0.94 percent at 10,993.60.

On Monday, the Sensex slumped 1.77 percent, while the Nifty ended down 1.57 percent.

Energy, industrials, automobile, banking, capital goods, FMCG and metal stocks are among the prominent gainers, while information technology stocks are weak. Healthcare stocks are turning in a mixed performance.

Zee Entertainment Enterprises tops the list of gainers in the Nifty 50, rising about 5 percent. HDFC Bank is rising nearly 4 percent, while Hero Motocorp, Coal India and Reliance Industries are gaining 2 to 2.5 percent.

Hindalco, Britannia Industries, Maruti Suzuki, ONGC, HDFC Life and Asian Paints are moving up 1.5 to 2 percent.

IndusInd Bank is down more than 3 percent. Tech Mahindra, HCL Technologies, Infosys and UltraTech Cement are declining 1.2 to 2 percent.

Energy stocks Castrol India, Coal India, Adani Gas and Aban Offshore are rising 1 to 2.5 percent.

Shares of KEC International Limited moved up by about 5 percent, buoyed by an announcement from the company that it has bagged new orders worth nearly Rs 1,200 crore across various businesses.

Exide Industries reported net loss of Rs 13.56 crore in the first quarter, compared with net profit of Rs 161.58 crore a year ago. The stock is gaining about 3.4 percent despite weak results.

In economic news, the Reserve Bank of India's three-day monetary policy meeting gets underway today. The central bank's Monetary Policy Committee is widely expected to hold policy rates unchanged amid uncertainty over inflation outlook. The monetary policy announcement will be made on Thursday.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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