The BSE Sensex closed 73 points higher at 32,996 on Tuesday, despite weakness in other Asian markets. The National Stock Exchange benchmark index Nifty rose 30 points to settle at 10,124. Gains were led by IT stocks, with Tech Mahindra finishing 3.9 per cent higher.
However, upside was limited due to some selling witnessed in oil & gas stocks. Thirty one stocks on the Nifty 50 finished Tuesday’s session on a positive zone. Besides Tech Mahindra, other top gainers on the index included Eicher Motors, Bharti Infratel and Tata Steel, closing 3-4 per cent higher.
Here are five things to know:
*IT stocks rose after three sessions of falls. The Nifty IT, a sub-index of IT stocks, settled 1.5 per cent higher.
*Wipro shares finished 1.7 per cent higher, Infosys rose 1.6 per cent, HCL Tech 1.2 per cent and TCS 1.2 per cent.
*”The rise in the market after 4-5 sessions of declines is a clear cut case of short-covering,” said R K Gupta, managing director of Taurus Asset Management.
*Investors were watching out for the Federal Reserve’s two-day policy meet, which will begin later on Tuesday.
*The market would remain under pressure for the next couple of days, Mr Gupta added.>