Mumbai, Mar 27: The market gained for second consecutive session on Tuesday, with the Sensex rising more than 100 points following positive lead from global stocks as concerns over a trade war eased.
The surprise cut in the government’s borrowing programme for the next financial year, which resulted in lower bond yields, also lifted market sentiments.
Banking & financials, oil retailers and metals stocks were prominent gainers whereas Bharti Group, HDFC twins, Reliance Industries and Infosys limited gains.
The 30-share BSE Sensex was up 107.98 points at 33,174.39 and the 50-share NSE Nifty gained 53.50 points at 10,184.20 amid volatility.
After a sharp fall over the last few sessions, the Indian markets have registered some recovery in the past two trading sessions. “While the gains could extend further in the coming sessions, we advise traders to avoid leveraged positions citing high volatility in the indices and a truncated trading week,” Jayant Manglik, President, Religare Broking said.
However, investors can continue to focus on fundamentally sound companies as the healthy correction, mainly in the midcap and smallcap space provides a good opportunity for long term investors, he added.
The broader markets outperformed frontliners throughout the session, with the Nifty Midcap index rising over a percent while the market breadth remained in favour of advances for the entire session. More than two shares advanced for every share falling on the BSE.
Global markets rebounded sharply as concerns over a global trade war eased. Britain’s FTSE and Germany’s DAX were up 2 percent each while France’s CAC was up 1.6 percent at the time of writing this news.