Sensex and Nifty moved higher today, with financials and pharma stocks leading the gains. Market heavyweight Reliance Industries, which rose nearly 4 per cent, also supported the gains. Higher global stocks also boosted domestic markets.
The Sensex ended 166 points higher at 34,616, while Nifty settled at 10,614, up 30 points, their highest close in over two months. Financial stocks rose today, with Yes Bank and ICICI Bank among top percentage gainers among Nifty50 stocks.
Yes Bank climbed around 4 per cent while ICICI Bank gained 2 per cent.
Pharma stocks Lupin Ltd and Dr. Reddy’s Laboratories Ltd rose 1 per cent each.
Metal stocks fell sharply today. Aluminium producer Hindalco Industries slumped nearly 8 per cent on lower global prices. “Metal stocks have corrected as a short-term reaction to global developments,” said Siddhartha Khemka, head of retail research at Motilal Oswal Securities. “It clearly looks like some profit-booking in IT. Interest culminating to price performance can be seen in pharma.”
Aluminium prices continued to fall after Washington gave US customers of Russian producer United Company Rusal more time to close out their business with the company and comply with sanctions.
The sanctions on Rusal had driven prices of the metal to their highest since mid-2011 recently on fears that the global market could face shortages.
Among other metal stocks, Vedanta fell over 2 per cent while Tata Steel declined nearly 1.5 per cent.
The Nifty IT index, which gained 12 percent this month up to Monday’s close, fell over 1 per cent. HCL Tech, Wipro, Infosys and Tech Mahindra fell between 1 per cent and 3 per cent.>