Global cues, Q2 results push indices higher; realty sector rally

Global cues, Q2 results push indices higher; realty sector rally

Mumbai, Oct 26 (IANS) Positive global cues along with healthy results from the financial sector pushed India’s equity markets higher on Tuesday.

During the initial trading hours, both the indices opened flat but rose thereafter only to cede all their gains. Subsequently, the key indices witnessed a recovery.

On global levels, Asian markets dipped from opening levels as fresh worries about China’s property sector weighed on investors’ sentiments post a good opening following gains on the Wall Street.

Notably, another developer in China, ‘Modern Land’, defaulted on payment.

Besides, European stock markets climbed higher as investor confidence was boosted by fresh records on Wall Street on Monday night, continued strength in oil prices and robust corporate earnings that helped offset concerns on inflation and growth.

In terms of domestic market, volumes on the NSE were the lowest since October 1.

All the indices closed in the green with realty, consumer durables, metals and auto indices rising the most.

Consequently, the 30-scrip Sensex closed at 61,350.26 points, up 383.21 points, or 0.63 per cent.

Similarly, the NSE Nifty50 ended the day’s trade higher. It rose to 18,268.40, up 143 points, or 0.79 per cent.

“Nifty has closed at the highest in five sessions showing the strength of the recovery,” Said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Resumption of volumes with upmove could lead to Nifty rising towards 18,377-18,445 over the next few sessions. 18,099-18,125 is an important support band for the Nifty.”

According to Vinod Nair, Head of Research at Geojit Financial Services: “Following a strong opening backed by positive gains in global markets, domestic indices were torn between gains and losses in today’s volatile trade.”

“Broad-based buying led by auto, realty, and metal stocks aided the bourses to bell the day in positive territory. However, continuous selling by the FIIs in the market fanned investor cautiousness. Upbeat quarterly earnings outweighing inflation worries boosted the morale of global markets.”

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