Nifty Closes At Its Second-Highest Level Ever, Sensex Rises 276 Points

Bank of Baroda and Axis Bank Ltd closed higher 3.20 per cent and 0.52 per cent respectively, while HDFC Bank gained for a sixth straight session, settling with a gain of 0.65 per cent.

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Nifty Closes At Its Second-Highest Level Ever, Sensex Rises 276 Points

Gains during Tuesday's session were led by metal, banking, FMCG and pharma shares

The Nifty closed at its second highest level on Tuesday, ahead of release of key economic data later in the day. The BSE Sensex gained 276 points to finish at 32,158 while the broader NSE benchmark index - Nifty - settled at 10,093, it second highest closing ever. Gains during Tuesday's session were led by metal, banking, FMCG and pharma shares - closing between 0.6 per cent and 2.2 per cent higher. Retail inflation is expected to have picked up to a five-month high in August, with consumer prices forecast to rise 3.20 per cent from a year ago, a Reuters poll showed.

IndusInd Bank Ltd, which is in exclusive talks to buy microlender Bharat Financial Inclusion Ltd, settled 2.7 per cent lower after rising more than 5 per cent in the previous session.

"The IndusInd Bank (potential) deal is expected to open up more distribution channels in the banking sector and this expectation is lifting banking stocks," said Sunil Sharma, chief investment officer at Sanctum Wealth Management.

Bank of Baroda and Axis Bank Ltd closed higher 3.20 per cent and 0.52 per cent respectively, while HDFC Bank gained for a sixth straight session, settling with a gain of 0.65 per cent.

Tata Steel Ltd jumped as much as 4.6 per cent - its highest since February 2011 - during the session before closing at a gain of 3 per cent. The surge in Tata Steel came after Germany's Thyssenkrupp AG said talks were in the final stages to merge its European steel business with that of Tata Steel.

ITC Ltd extended its gains to a third session in a row, closing 1.48 per cent higher on the NSE.

Meanwhile, Apple Inc distributor Redington (India) Ltd closed 1.69 per cent higher ahead of the expected launch of "iPhone 8" on the same day.

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