Sensex rallies 584 points, private banks shine

Equity benchmark Sensex rallied 584 points on Tuesday tracking gains in HDFC twins, ICICI Bank and Kotak Bank amid positive cues from global markets.

The 30-share BSE index ended 584.41 points or 1.16% higher at 51,025.48, and the broader NSE Nifty surged 142.20 points or 0.95% to 15,098.40.

Kotak Bank was the top gainer in the Sensex pack, rising around 3%, followed by HDFC twins, ICICI Bank, Tech Mahindra, Bajaj Finance, Asian Paints and TCS.

On the other hand, PowerGrid, ONGC, NTPC and Dr Reddy’s were among the laggards.

According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities extended gains for the second consecutive day mainly aided by favourable cues from global markets.

Financials (ex-PSU banks) majorly supported the market’s rally on Tuesday. Barring Financials and IT, most of the key sectoral indices traded lower.

Notably, midcap and small cap indices were down as investors opted to take profit off the table after recent run-up in these spaces, he added.

Elsewhere in Asia, bourses in Hong Kong and Tokyo ended on a positive note, while Shanghai and Seoul were in the red.

Stock exchanges in Europe were trading with gains in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.72% higher at $68.73 per barrel.

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