Sector highlights:
– Nifty Realty rose 1.9% on the back of strong performances from Phoenix Mills and Mahindra Lifespace Developers.
– The Nifty IT index rose 0.6 per cent, led by Wipro, which rose over 3 per cent after extending its contract with Hanesbrands and securing a new one with GBST.
-Nifty bank index ended up 0.9% higher led by IDFC First Bank, ICICI Bank and Axis Bank.
-Nifty Smallcap rose 1.1% and Nifty Midcap 100 gained 0.5%.
Stocks in the news:
Hindustan Aeronautics shares surged more than 6% after the Defence Ministry requested proposals to buy 156 light combat helicopters.
Som Distilleries’ shares fell 6.4% following a police investigation into allegations of child labour at one of the company’s distilleries.
Expert opinion:
Vinod Nair of Geojit Financial Services said the Indian market is reacting favourably to the upcoming budget and global trends and reduced market volatility is contributing to the near-term uptrend.
Global Market:
Global stocks rose as an uneasy calm remained in Europe and traders awaited comments from Federal Reserve officials.
Earlier in the day, Asian shares rose, following Wall Street’s gains on Monday, helping push the MSCI world stock index up 0.14%.
Crude oil and rupee:
Oil prices remained stable. Brent crude futures fell 0.2% to $84.09 per barrel, while US WTI crude was down 0.2% to $80.18 per barrel. The rupee remained firm, closing at Rs 83.41 against the US dollar.
