Bulls took the momentum back from bears on Tuesday as benchmarks ended the day on a strong note, courtesy a surge in banks and pharmaceuticals among others. An uptick in midcaps, too, helped the market close in the green.
The Nifty managed to reclaim 11,400, while the Sensex ended over 200 points higher. This happened even as the rupee touched an all-time low during the day and hovered around 69.85 levels at the time of equity benchmarks closing.
Gains were largely led by banking names as the Bank Nifty ended around a percent higher. Additionally, pharmaceuticals, automobiles, energy and IT names were the top gainers. The Nifty Midcap index was higher by a percent.
The day began on a positive note, with banks leading the way. Additionally, weakness in rupee, which touched a historic low of 70.08 to the dollar, boosted sectors such as information technology. Meanwhile, pharmaceuticals saw a big surge on the back of a spike in Sun Pharmaceuticals as well. The stock surged 7 percent on strong Q1 earnings. Oil marketing companies, too, were hit on the back of a weaker rupee.
Source- https://www.moneycontrol.com
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