Business

Sensex ends 1028 points higher

Tracking firm Asian markets, the Indian equity benchmarks gained over 3% on Tuesday as some of the defensive sectors saw strong buying interest.

The 30-share Sensex gained 1,028.17 points, or 3.62%, to close at 29,468.49. The broader Nifty settled the day at 8,597.75, up 316.65 points or 3.82%. More importantly, the India VIX index fell over 10% on Tuesday.

Gains in the benchmarks were primarily led by stocks like ITC, Tech Mahindra, Sun Pharmaceuticals, Hindustan Unilever, Asian Paints, Nestle HDFC and State Bank of India among others.

“The index managed to show some pullback move today owing to buying seen in the defensive sectors such as FMCG, Pharma and IT,” said Ruchit Jain, Equity Technical Analyst, Angel Broking.

“The banking space also witnessed some pullback but it continued to be a relative under performer compared to some of the other indices. One positive development that was seen was the decline in the India VIX,” added Mr. Jain.

Investor sentiment improved on the back of a strong trend in the Asian markets on account of encouraging factory activity data from China. The benchmarks of Hong Kong, South Korea, China, Taiwan and Indonesia all ended in the green on Tuesday.

Incidentally, Indian markets registered gains even as the number of coronavirus cases in India saw the steepest rise on Monday, taking the total number of cases past the 1,200 mark.

Meanwhile, the gains were not limited to index heavyweights as the broader market breath was also strong with over 1,500 stocks having ground as against less than 800 declines.

Foreign portfolio investors (FPIs), however, continued to their selling spree, offloading shares worth ₹3,045 crore on Tuesday even as their domestic counterparts tried to provide a counter balance with share purchases amounting to ₹3,576 crore.

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Printable version | May 26, 2020 7:52:28 PM | https://www.thehindu.com/business/sensex-ends-1028-points-higher/article31221711.ece

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