MUMBAI, India – Shares in the Indian stock market continues to ride on the uptrend on Tuesday, with both the Sensex and Nifty tracking gains for the day, following optimistic global cues.
On Tuesday, the BSE Sensex index soared, going up by 414 points is the closing of the trading session to settle at 41,352. The Nifty index also advanced for the day, rising to a fresh peak as it crosses over its earlier high of 12,165 points.
Under the NSE, around 10:07 IST, Tata Steel was the top gainer, marking around 2.83% increase, followed by Vedanta Ltd as it advanced by 2.55%. Infosys also recorded a 1.68% increase, while YES Bank and Maruti rose by 1.6% and 1.45%, respectively.
The top losers early on trade were the Oil and Natural Gas Corporation Limited and NTPC Limited with 0.80% and 0.57% declines, respectively.
Overall, the Asian stock market advanced for the day, although some of the enthusiasm in the market which previously boosted Wall Street tapered down with the lack of updates on the details of the partial trade agreement to end the trade war between the US and China.
Equities showed more gains for the day, but the bond markets, commodities, and currencies were more discreet and the movements were modest at best.
According to a portfolio strategist at the stockbroker Blue Ocean Equities based in Sydney, Mathan Somasundaram, everyone in the market has expected that Washington never planned on going forward with the new tariffs, as it was hurting their economy as much as anyone else.
In the currency sector, the Indian rupee advanced by around 4 paise early on trade on Tuesday, tracking 70.96 points against the US dollar, as the market recorded advances for foreign fund inflows and domestic equity market.
On the other hand, the British pound was knocked down on Tuesday following the familiar fears as the confusion whether Brexit will be a sure move or not has ended after the Conservative party won the majority during last week’s general election in the UK.
Back in the Asian market, the biggest index of Asia-Pacific outside Japan under MSCI tracked a 0.1% advance for the day. The Nikkei index of Japan also rose during the session or around 0.5%, marking its highest gains sine more than a year ago.
Stocks of the oil-telecom empire Reliance Industries also traded higher on Tuesday, following the BP and JV for fuel retail report of the firm. Its share price advanced by over 0.83%, hitting a record high for the day on the BSE at around Rs 1,579.83.