Mumbai: Key equity benchmarks surged in the late afternoon trade to extend its rally for three consecutive sessions after big rout last week. The news of monsoon expected to hit India in the next 3-4 days helped lift the sentiment considering agriculture contributes significantly to the country's growth.
The Sensex closed at 20160, up 130 points and the Nifty ended at 6111.25, up 28 points. The breadth of the market was neutral. About 1196 shares advanced, 1142 shares declined, and 171 shares were unchanged.
Major gainers in the Nifty were Hero Motocorp, Jaiprakash Associates, BHEL, Coal India and Mahindra and Mahindra, up between 3 to 6 per cent. Laggards included Ranbaxy Labs, Kotak Mahindra Bank, Sun Pharma, UltraTech Cement and SBI, down 1 to 2 per cent.
"India is likely to get a bigger share of foreign flows amongst emerging markets in the next few months," said Prabhat Awashthi of Nomura Financial Advisory on Tuesday. He, however, cautions that analysts are not very bullish on India getting on stable growth trajectory, going forward. He also believes that rate cuts are not necessary if economic dynamics are moving in right direction.
Shares of Coal India rallied to 3-month high on better-than-expected earnings and price hike. The overhang of offer for sale however remains on the stock. Reliance Industries extended its rally and surged another 2 per cent on Tuesday. Over 2 crore shares changed hands on the National Stock Exchange at Rs 848 via block deal.
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