It was another day of gains for benchmark stock indices Sensex and Nifty, which closed higher on Tuesday in the wake of news about sweeping GST reforms, easing geopolitical tensions, and improved performance of oil major Reliance Industries.
The 30-share BSE Sensex jumped by 370.64 points or 0.46 per cent to settle at 81,644.39. During the day, it spurted by 482.13 points or 0.59 per cent to 81,755.88.
The 50-share NSE Nifty climbed 103.70 points or 0.42 per cent to 24,980.65, inching close to the 25,000-mark that it had stayed on for a long time.
The optimism in investor sentiment is attributed mostly to Prime Minister Narendra Modi’s Independence Day speech about the big overhaul in GST reforms in the country by Diwali.
Also Read: Share market: Sensex rises 150 points, Nifty above 24,900
Analysts say meetings between the US President Donald Trump, his Russian counterpart, Vladimir Putin, and the Ukrainian President, Volodymyr Zelenskyy, have so far proved to be progressing well, which fares well for the global stock markets as well on the domestic front.
Among Sensex firms, Tata Motors rose the most by 3.5 per cent, while Adani Ports gained 3.16 per cent and Reliance Industries also rose by 2.82 per cent. Eternal, Tech Mahindra, Kotak Mahindra Bank, Hindustan Unilever and Maruti were also among the gainers.
However, Bajaj Finserv, Power Grid, Mahindra & Mahindra and HCL Tech were among the laggards.
"The national market continued the renewed momentum, buoyed by expectations of GST rationalisation and a recent upgrade in India's credit rating. Additional optimism came from signs of easing geopolitical tensions between Russia and Ukraine, shifting the near-term outlook from consolidation to a more constructive stance," said Vinod Nair, Head of Research, Geojit Investments.
The BSE midcap and smallcap indices jumped 0.97 per cent each. All BSE sectoral indices also ended higher.
Oil & Gas climbed 1.49 per cent, followed by energy (1.48 per cent), auto (1.45 per cent), consumer discretionary (1.25 per cent), services (1.12 per cent) and telecommunication (1.04 per cent).
As many as 2,630 advanced while 1,437 declined and 165 remained unchanged on the BSE.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite and Hong Kong's Hang Seng, all settled lower.
Markets in Europe were trading higher, although the US markets ended on a flat note on Monday.
Global oil benchmark Brent crude declined 0.93 per cent to USD 65.98 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth ₹550.85 crore on Monday, according to exchange data.
On Monday, the Sensex jumped 676.09 points or 0.84 per cent to settle at 81,273.75. The Nifty climbed 245.65 points or 1 per cent to end at 24,876.95.
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