Equity indices continue upward momentum, auto and banking stocks surge

Mumbai (Maharashtra): Equity benchmark indices continued the upward momentum during early hours on Tuesday amid across-the-board buying and positive global cues.

At 10:15 am, the BSE S&P Sensex was up by 334 points or 0.89 per cent at 37,753 while the Nifty 50 edged higher by 99 points or 0.9 per cent at 11,121.

Except for Nifty FMCG, all sectoral indices at the National Stock Exchange were in the green with Nifty PSU bank up by 2.1 per cent, auto and realty by 1.8 per cent each and private bank by 1.7 per cent.

Among stocks, Eicher Motors advanced by 3.4 per cent to Rs 19,847.55 per share while Maruti Suzuki was up by 3 per cent and Tata Motors by 2.8 per cent.

ICICI Bank moved up by 2.6 per cent and Axis Bank by 1.9 per cent. Index heavyweight Reliance Industries gained by 1.9 per cent to Rs 1,957.50 per share.

However, Bharti Infratel, Britannia, Hindustan Lever, Cipla, Dr Reddy’s and Asian Paints traded with a negative bias with thin margins.

Meanwhile, Asian shares rose as prospects of a deal by European Union leaders to jointly fund recovery of their economies and hopes for a coronavirus vaccine lifted risk appetite.

Japan’s Nikkei rose by 0.6 per cent while MSCI’s broadest index of Asia Pacific shares outside Japan gained 1.5 per cent.

Hopes that vaccines against the Covid-19 disease might be ready by the end of year also supported risk assets, following promising early data from trials of three potential vaccines.(ANI)