Share Market Update: Sensex, Nifty Give Up Most Of Day's Gains Amid Volatile Trade
Domestic stock markets registered mild gains on Tuesday, rising for a third straight session, as Asian equities moved up cautiously amid rising COVID-19 cases and ahead of the presidential debate in the US. The S&P BSE Sensex index rose as much as 254.31 points - or 0.67 per cent - to 38,235.94 during the session, and the broader NSE Nifty 50 benchmark climbed to as high as 11,305.40, up 77.85 points - or 0.69 per cent - from its previous close. However, gains in auto, metal and IT stocks were offset by losses in financial stocks.
At 10:08 am, the Sensex traded 67.26 points - or 0.18 per cent - higher at 38,048.89, while the Nifty was up 22.65 points - or 0.20 per cent - at 11,250.20.
Hindalco, Tata Consultancy Services, Hero MotoCorp, JSW Steel and Reliance Industries, trading between 1.52 per cent and 3.25 per cent higher, were the top gainers in the Nifty basket of 50 shares.
On the other hand, IndusInd Bank, Bharti Airtel, ONGC, Power Grid and UPL, down 1.48-3.04 per cent, were the worst hit among 25 laggards in the index.
The Nifty Bank index - comprising stocks of 12 major financial institutions in the country - dropped as much as 1.30 per cent, dragged by losses in state-run lenders.
Equity markets elsewhere in Asia largely moved higher, building on newfound momentum after bargain hunters helped a recovery in US markets in the wake of last week's selloff.
MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading up 0.27 per cent, while Japan's Nikkei 225 benchmark was up 0.23 per cent.
China's Shanghai Composite and South Korea's KOSPI were up 0.52 per cent and 1.06 per cent respectively, but Hong Kong's Hang Seng was down 0.25 per cent.
Asian markets have been buoyed by positive signs around China's economic recovery, although the coronavirus pandemic continues to wreak economic havoc globally and raise concern about high valuations.
Meanwhile, the E-Mini S&P futures traded 0.40 per cent higher, indicating a positive start for Wall Street on Tuesday.
