Nifty, Sensex end higher as private sector banks rally

India’s Nifty 50 index closed up for a sixth straight session on Tuesday, led by gains in banks and metal stocks, with better-than-feared domestic earnings reports supporting risk appetite.

The blue-chip NSE Nifty 50 index, which climbed 0.9% during the session to hit an over five-month high, closed up 0.46% at 11,322.50.

The S&P BSE Sensex ended 0.59% higher at 38,407.01.

In Mumbai trading, eight of the ten major sectoral indexes finished higher, with the Nifty media index and the Nifty private banking index closing 1.99% and 1.67% higher, respectively.

ICICI Bank Ltd, which advanced as much as 3% after the private sector lender launched a share sale, finished the session 0.8% higher.

The Nifty metal index closed 1.66% higher after rising as much as 3.26% to an over five-month high.

A jump in Chinese iron ore futures on the Dalian Commodity Exchange and data pointing at China’s economy gathering pace boosted metal stocks in India, analysts said.

“Investors are choosing to look past the coronavirus threat and focus on how companies are performing,” said Rusmik Oza, head of fundamental research at Kotak Securities in Mumbai.

Coronavirus infections in India jumped by 53,601 to 2.27 million on Tuesday, the third-biggest caseload after the United States and Brazil.

Shares of VST Tillers Tractors Ltd closed up 0.6%. During the session, the stock jumped as much as 4.6% to hit an over 18-month high after the power tiller and tractor maker posted a surge in quarterly profit.

On the Nifty 50, Titan Company Ltd and Shree Cement Ltd were the top drags, closing down 3.77% and 3.73%, respectively.

The Nifty Pharma index which rose 5.4% in the previous session, slipped on Tuesday and closed 1.2% lower.

Was it worth reading? Let us know.