Indian stocks moved higher Tuesday, recording an eighth consecutive gaining session. The BSE Sensex moved up 0.27 per cent to 27,804.37, while the NSE Nifty gained 0.34 per cent per cent to end the day at 8,381.55.
The Indian markets rose in tandem with global markets, which were a sea of green as investors looked forward to a resolution of the debt crisis negotiations between Greece and its creditors, now that the heavily indebted country had suggested reform proposals.
Domestically, the Indian government may recapitalise state-owned banks with about $3 billion (£1.9 billion) this year and another $6 billion next year in an effort to bolster their capital adequacy and to comply with Basel III rules.
Investors were also encouraged by better prospects for the Indian monsoon, a critical factor for the country’s huge agrarian sector.
Gainers and losers
The major Nifty sector gainers were mining and minerals (+2.69 per cent), cement-major (+2.17 per cent), auto ancillaries (+1.37 per cent), cigarettes (+1.34 per cent) and auto-cars and jeeps (+1.24 per cent). Media and entertainment (-0.22 per cent), computer software (-0.84 per cent), auto-LCVs/HCVs (-0.99 per cent) and auto-two and three wheelers (-1.52 per cent) were the four losing sectors.
The five top gaining indices were S&P BSE Metals (+1.68 per cent), CNX Metal (+1.58 per cent), S&P BSE Capital Goods (+1.39 per cent), CNX PSU Bank (+1.27 per cent) and S&P BSE PSU (+1.16 per cent).
On the National Stock Exchange, advancing stocks (825) outnumbered declining (577) stocks.
On the Nifty Index, the top five gaining stocks were: Coal India Ltd (NSE:COALINDIA) (+3.8 per cent, INR 414.90), Punjab National Bank (NSE:PNB) (+3.62 per cent, INR 143.05), UltraTech Cement Ltd (NSE:ULTRACEMCO) (+3.28 per cent, INR 2896.05), Cipla Ltd (NSE:CIPLA) (+2.84 per cent, INR 630.95), and Bank of Baroda (NSE:BANKBARODA) (+2.80 per cent, INR 150.50).
Realty major DLF Ltd (NSE:DLF) rose 2.57 per cent to INR 117.55 on news that it had resolved its dispute with private equity firm Blackstone regarding their assets in the Bengaluru market by agreeing to divide the portfolio.