Sensex, Nifty Edge Higher Led By Gains In Pharma, Auto Shares


Sensex, Nifty Edge Higher Led By Gains In Pharma, Auto Shares

The Indian equity benchmarks edged higher on Tuesday led by gains in Mahindra & Mahindra, ICICI Bank, Larsen & Toubro, Tata Consultancy Services, Tata Steel and Bajaj Finance. However, the upside was capped as HDFC, HDFC Bank, Infosys, Kotak Mahindra Bank, Axis Bank and ITC came under selling pressure. Asian shares followed Wall Street higher in early trade on Tuesday as the passage of a U.S. infrastructure bill boosted sentiment while oil prices gained on the outlook for energy demand in an expansive global economy.

Early in the Asian trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent.

Japan’s Nikkei stock index rose 0.06 per cent while Australian shares were down 0.12 per cent.

As of 9:39 am, the Sensex was advanced 91 points to 60,636 and Nifty 50 index was up 38 points at 18,106.

Eleven of 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Pharma index’s 1.4 per cent gain. Nifty Auto, IT, Realty and Healthcare indices were trading higher in the range of 0.6-1.3 per cent.

On the other hand, Nifty Bank, Financial Services and FMCG indices were trading with a negative bias.

Mid- and small-cap shares were outperforming their larger peers as Nifty Midcap 100 advanced 1 per cent and Nifty Smallcap 100 index rose 0.3 per cent.

Hero MotoCorp was top Nifty gainer, the stock rose 2.14 per cent to Rs 2,740. Mahindra & Mahindra, IndusInd Bank, ONGC, Divi’s Labs, Tata Motors, Sun Pharma, Bajaj Auto, UPL, Wipro and Tata Steel also rose between 1-2 per cent.

On the flipside, Britannia Industries, HDFC, Nestle India, Power Grid, HDFC Bank, Reliance Industries, Indian Oil, HDFC Life, Axis Bank and Bharat Petroleum were among the losers.

The overall market breadth was positive as 1,885 shares were advancing while 750 were declining on the BSE.