MUMBAI: Indian stocks gained on Tuesday, aided by a broad-based rally across sectors and driven by Adani Group shares, while losses in higher weighting IT stocks limited gains amid uncertainty over US debt ceiling talks.
blue chip smelly 50 index closed up 0.18% at 18,348, while the benchmark S&P BSE Sensex rose 0.03% to 61,981.79.
10 out of 13 major sectoral indices advanced with the metal surging 2.59%. Adani Enterprises Ltd, which has 17% weightage in the metal index, jumped over 13% and was the top gainer in the Nifty 50.
All Adani Group shares rose between 0.3% and 14% and extended gains for a third session after markets regulator the Securities and Exchange Board of India drew a blank in an investigation into suspected violations in the group’s overseas investments.
Supreme Court expert panel denies regulatory failure on price manipulation allegation.
VK Vijayakumar, chief investment strategist at Geojit Financial Services, said, “The high integrity of the panel members would have given investors the confidence to buy the beaten-down (Adani) shares.”
US debt ceiling talks did not reach an agreement on Monday, but US President Joe Biden and House Republican Speaker Kevin McCarthy both vowed to continue talks.
However, uncertainty led IT to lose around 0.5%. The index, which had gained 2.5% in the previous session underpinning gains in the markets, was the top sectoral loser on Tuesday.
In individual stocks, Divi’s Laboratories Ltd jumped 3.61%, rising for the second session after the active pharmaceutical ingredients maker reported March quarter revenue and core profit beat.
The stock has jumped over 9% in the last two sessions and was among the top gainers in the Nifty 50 on Tuesday.
blue chip smelly 50 index closed up 0.18% at 18,348, while the benchmark S&P BSE Sensex rose 0.03% to 61,981.79.
10 out of 13 major sectoral indices advanced with the metal surging 2.59%. Adani Enterprises Ltd, which has 17% weightage in the metal index, jumped over 13% and was the top gainer in the Nifty 50.
All Adani Group shares rose between 0.3% and 14% and extended gains for a third session after markets regulator the Securities and Exchange Board of India drew a blank in an investigation into suspected violations in the group’s overseas investments.
Supreme Court expert panel denies regulatory failure on price manipulation allegation.
VK Vijayakumar, chief investment strategist at Geojit Financial Services, said, “The high integrity of the panel members would have given investors the confidence to buy the beaten-down (Adani) shares.”
US debt ceiling talks did not reach an agreement on Monday, but US President Joe Biden and House Republican Speaker Kevin McCarthy both vowed to continue talks.
However, uncertainty led IT to lose around 0.5%. The index, which had gained 2.5% in the previous session underpinning gains in the markets, was the top sectoral loser on Tuesday.
In individual stocks, Divi’s Laboratories Ltd jumped 3.61%, rising for the second session after the active pharmaceutical ingredients maker reported March quarter revenue and core profit beat.
The stock has jumped over 9% in the last two sessions and was among the top gainers in the Nifty 50 on Tuesday.