Stock market updates: Enthused by less than three lakh daily Covid-19 cases for the second straight day, domestic indices advanced over 1 per cent on Tuesday. Automobile and consumer discretionary stocks caught investors’ fancy as they hoped that restrictions/curbs would ease once cases decline further.
Given this, the benchmark S&P BSE Sensex soared 613 points, or 1.24 per cent, to end the day at 50,193 levels with only four stocks — Bharti Airtel, ITC, Dr Reddy’s Labs, and State Bank of India — settling the day in the red.
M&M (up 6 per cent), Bajaj Auto, Titan, Bajaj Finance, Adani Ports, Tata Motors, and Indian Oil Corporation were the top Nifty gainers today while Airtel, ITC, Coal India, Divis Labs, UPL, and Grasim were the top laggards.
In the broader market space, the S&P BSE MidCap index zoomed 1.9 per cent to settle at 21,232 after hitting record peak of 21,255 levels earlier today. Investors are heading more for mid-cap stocks as growing risk appetite and cheaper valuations of these companies as compared to large-cap peers have revived their popularity.
The SmallCap index, meanwhile, ended 1.3 per cent higher at 22,848.
Sectorally, the Nifty Auto index climbed 3.3 per cent on the NSE, followed by the Nifty Energy index (up 2 per cent), and the Nifty Metal index (up 1.7 per cent). On the contrary, the Nifty PSU Bank index and the Nifty FMCG index slipped 1.3 per cent and 0.25 per cent, respectively.
European stocks advanced on Tuesday with the pan-European Stoxx 600 up 0.4 per cent. US stock index futures also picked up in early premarket trade; Dow futures added 92 points, while contracts tied to the S&P 500 and Nasdaq 100 also advanced modestly.
Shares in the Asia-Pacific region also jumped in Tuesday’s trade led by Japan’s Nikkei, up 2 per cent; South Korea’s Kospi gained 1.3 per cent; and China’s CSI300 index adding 0.5 per cent.