Firm global cues, hopes of healthy Q1 earnings lift equity indices

MUMBAI, July 10: Positive global markets supported the key Indian equity indices on Tuesday with the BSE Sensex gaining over 300 points higher.

According to market observers, optimism over the quarterly earnings for the April-June period starting later in the day also strengthened investor sentiments.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,947.25 points higher by 94.35 points or 0.87 per cent from its previous close of 10,852.90 points.

The barometer 30 scrip Sensitive Index (Sensex), which had opened at 36,068.27 points, closed at 36,239.62 points up by 304.90 points or 0.85 per cent from its previous session’s close of 35,934.72 points. The Sensex touched a high of 36,274.33 points and a low of 36,019.63 points during the intra-day trade.

In the broader markets, the S&P BSE mid-cap rose by 1.01 per cent and the S&P BSE small cap ended 1.04 per cent higher from its previous close. The BSE market breadth was bullish with 1,678 advances and 971 declines.

“Investors now await the start of the earnings season and seem to have kept trade war concerns aside for the time being,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

He further said that Asian markets were largely up and European markets also traded in the positive.

On the currency front, the rupee weakened by 11 paise to end at 68.83 per dollar, against the previous close of 68.72.

Sector-wise, the S&P BSE auto index gained the most, by 233.18 points, followed by the metal index which was up 202.26 points and the banking index which rose by 170.99 points.

On the contrary, the S&P BSE healthcare index was the only loser on Tuesday, ending 20.39 points lower from its previous close.

The major gainers on the Sensex were Reliance Industries, up 3.02 per cent at Rs 1,025.75; Yes Bank, up 2.58 per cent at Rs 371.25; Coal India, up 2.56 per cent at Rs 278; Bajaj Auto, up 2.36 per cent at Rs 3,089.05; and Wipro, up 2.26 per cent at Rs 271.10 per share.

The top losers were Sun Pharma, down 1.24 per cent at Rs 562.40; IndusInd Bank, down 1.05 per cent at Rs 1,934.10; Kotak Mahindra Bank, down 0.96 per cent at Rs 1,372.45; Hero MotoCorp, down 0.83 per cent at Rs 3,592.15; and Tata Consultancy Services, down 0.56 per cent at Rs 1,877 per share. (IANS)