NEW DELHI: After falling nearly 2.5 per cent in the previous session, equity indices improved on Tuesday with benchmark BSE Sensex IT, metal and realty stocks rose nearly 500 points, led by gains in IT, metal and realty stocks.
In a volatile session, the 30-share BSE index jumped 497 points, or 0.89 per cent, to end at 56,319; while the broad NSE Nifty It closed 156 points or 0.94 per cent higher at 16,771.
Top gainers in the Sensex pack included HCL Tech, Wipro, Tata Steel, Titan and Tech Mahindra, with their shares rising as much as 3.91 per cent.
Whereas, Power Grid, Axis Bank, Bajaj Finance, SBI and M&M were the major losers, falling up to 1.5 per cent.
Nifty Media, Metal, Consumer Durables and IT sub-index rose up to 2.94 per cent on the NSE platform.
Siddharth Khemka, head of retail research at Motilal Oswal Securities, told Reuters news agency: “There are concerns about higher valuations. Sharp corrections facilitate valuations and we will see such pull backs more often.”
“Foreign institutional investors have seen a sharp performance in portfolio allocation. They will have to restructure their portfolios and that is what we are seeing now,” Khemka said.
Investors are also keeping an eye on the spread of the Omicron variant and related restrictions, with New Zealand delaying plans to reopen its international border and several other countries reimposing social-distancing measures.
“Markets will remain sideways and selling pressure will continue till there is some global clarity on the new version of central banks and interest rate policies,” Khemka said.
Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 3,565.36 crore on Monday, according to stock exchange data.
(with inputs from agencies)
In a volatile session, the 30-share BSE index jumped 497 points, or 0.89 per cent, to end at 56,319; while the broad NSE Nifty It closed 156 points or 0.94 per cent higher at 16,771.
Top gainers in the Sensex pack included HCL Tech, Wipro, Tata Steel, Titan and Tech Mahindra, with their shares rising as much as 3.91 per cent.
Whereas, Power Grid, Axis Bank, Bajaj Finance, SBI and M&M were the major losers, falling up to 1.5 per cent.
Nifty Media, Metal, Consumer Durables and IT sub-index rose up to 2.94 per cent on the NSE platform.
Siddharth Khemka, head of retail research at Motilal Oswal Securities, told Reuters news agency: “There are concerns about higher valuations. Sharp corrections facilitate valuations and we will see such pull backs more often.”
“Foreign institutional investors have seen a sharp performance in portfolio allocation. They will have to restructure their portfolios and that is what we are seeing now,” Khemka said.
Investors are also keeping an eye on the spread of the Omicron variant and related restrictions, with New Zealand delaying plans to reopen its international border and several other countries reimposing social-distancing measures.
“Markets will remain sideways and selling pressure will continue till there is some global clarity on the new version of central banks and interest rate policies,” Khemka said.
Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 3,565.36 crore on Monday, according to stock exchange data.
(with inputs from agencies)
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