The Indian equity benchmarks rose for a third straight session on Tuesday, June 16, powered by gains in index heavyweights like Reliance Industries, HDFC Bank, ICICI Bank, Bajaj Finance, HCL Technologies and Tata Consultancy Services.
The SENSEX rose as much as 582 points and NIFTY50 index touched an intraday high of 24,002 as investor sentiment remained positive tracking strength in the rupee against the US dollar and declining crude oil prices in global markets.
The SENSEX ended 544 points higher at 76,808 and NIFTY50 index advanced 135 points to close at 23,989.
The rupee appreciated 5 paise to 94.53 against the US dollar on Tuesday, as a sharp decline in oil prices and easing Middle East tensions shifted the near-term bias in favour of the domestic unit.
Forex traders said the immediate threat to global energy supplies has significantly reduced, following easing of tensions in the Middle East.
The crude oil price in global markets dropped 1.72% to $81.73.
Global markets were trading higher for a second straight session on expectations of resumption of oil flows through the Strait of Hormuz after US and Iran reached a peace agreement.
Germany’s DAX advanced 0.61%, France’s CAC40 index gained 0.8% and England’s FTSE 100 index rose 0.6%.
Back home, buying was visible across board 11 of 15 major sector gauges compiled by the National Stock Exchange (NSE) ended higher led by the NIFTY Realty index’s 2.4% gain. NIFTY IT, FMCG, Consumer Durables, Oil & Gas, Media and Financial Services indices also rose between 0.7% and 1.8%.
On the other hand, metal, pharma, PSU bank and healthcare shares faced selling pressure.
Broader markets also witnessed buying interest as NIFTY Midcap 100 index rose 0.4% and NIFTY Smallcap 100 index advanced 0.38%.
HCL Technologies was top gainer in the NIFTY50 index, the stock rose 3.68% to close at ₹1,160 after the company invested ₹1,427 crore to buy stake in government-backed sovereign AI model developer Sarvam AI for ₹1,427.25 crore.
The acquisition is expected to be completed within two weeks of signing. As part of the transaction, HCL Technologies will acquire 41,421 equity shares, representing a 10.46% stake in Sarvam AI. The transaction does not require any regulatory approval, a regulatory filing said.
Tata Consumer Products, NTPC, Bajaj Finserv, Hindustan Unilever, ONGC, Bajaj Finance, Tech Mahindra and Tata Consultancy Services also rose between 1.66% and 2.75%.
On the flip side, Hindalco was top loser in the NIFTY50 index, the stock fell 2.95% after aluminium prices dropped in international markets.
JSW Steel, HDFC Life, Eicher Motors, Maruti Suzuki, InterGlobe Aviation, Tata Motors PV and Apollo Hospitals were top losers in the NIFTY50 index.
The overall market breadth was positive as 1,956 shares ended higher while 1,356 closed lower on the NSE.