Market Closing:
Nifty ended higher on Tuesday after touching five-months high during intraday trade as metal and select banking stocks witnessed buying.
Positive Asian markets amid signs of a
recovery in Chinese economic activity powered gains in metal stocks, while less worse-than-feared domestic earnings reported by companies helped sentiments. Nifty settled 52 points or 0.5% higher to close at 11,322.
Nifty Metal, the metals sub-index of NSE, settled nearly 2% higher. India VIX slipped 5% to 5-months low at 21.36.
Among the global market, Asian market, European markets and US Future climbed up by 1-2% each as signs of a possible slowdown in coronavirus cases in the U.S. and positive Chinese economic data lifted investor sentiments.
Moreover, Russia says that the coronavirus vaccine developed in the country has been registered for use.
First country in the world to register coronavirus vaccine. Select Auto, Banks, FMCG and NBFC stocks gained while Pharma stocks witnessed profit booking.
Among the Metal counters, Jindal Steel gained 5% to close at Rds211.
Both JSW Steel and Tata Steel gained 3% and 2% respectively. Pharma stocks like Cipla, Cadila, Dr Reddy, Laurus Labs, Ipca Labs, Sun Pharma declined between 1-4% on account of profit booking.
Titan slipped around 4% to close at Rs1066 after the company announced lower than expected Q1 results.
Banking stocks like ICICI Bank gained 1% to close at Rs367, while it touched an intraday high of Rs374. Company to sell up to 42.25cr shares for QIP worth Rs15000cr. Axis Bank gained 4% to close at Rs448. Company raised Rs10000cr and price set at Rs420.1 a share.
Motherson Sumi recovered from the intraday low after a positive commentary by the management. Stock gained 2.6% to close at Rs107.65 while it has touched intra-day low of Rs101.25