Mkts recover on positive global cues, lower oil price

PTI mumbai

Benchmark indices Sensex and Nifty found firmer ground on Tuesday after sliding for the past two sessions, propelled by intense buying in banking and financial stocks amid a recovery in global markets and easing crude prices. Signs of easing tensions in West Asia added to markets' optimism, but unrelenting foreign fund outflows capped the gains, traders said.

In a volatile trade, the 30-share BSE Sensex climbed 394.50 points, or 0.54%, to settle at 73,918.76. During the day, it jumped 511.15 points, or 0.69%, to 74,035.41. A total of 2,782 stocks advanced, while 1,423 declined and 193 remained unchanged on the BSE.  

"Indian equity markets ended higher as easing tensions between Israel and Iran helped improve investor sentiment and drive a recovery in risk assets. Global markets also traded firmly in positive territory, supported by a combination of easing geopolitical risks, softer oil prices and renewed optimism surrounding the technology and AI sectors," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said. Brent crude, the global oil benchmark, declined 1.66% to $92.69 per barrel. 

Bank stocks end higher

Bank stocks were in the limelight on Tuesday, adding significantly to the equity markets' rebound where the benchmark indices ended higher. Shares of Bank of Baroda surged 5.65% on the BSE. Among other lenders, Canara Bank climbed 4.29%, Punjab National Bank went up by 3.69%, Federal Bank rallied 3.40%, and IndusInd Bank advanced 3.24%. Similarly, Union Bank of India was up 3.09%, SBI gained 2.13%, AU SFB rose 2.05%, ICICI Bank moved up 2.03%, Axis Bank climbed 1.93%, Yes Bank advanced 1.61% and Kotak Mahindra Bank ended 1.22% higher. The BSE Bankex index climbed 2.18% to 62,264.81.