Share Market Update: Sensex, Nifty Extend Gains As RBI Decides To Transfer Surplus To Govt
Domestic benchmark equities BSE Sensex and NSE Nifty extended gains for the second consecutive day on Tuesday as the Reserve Bank of India (RBI) decided to transfer a surplus of Rs 1.76 lakh crore to the government.
Sectorally, public sector banks (PSBs), NBFCs, automobile and metal stocks gained the most. Nifty PSU Bank index ended 2.65 per cent higher, followed by Nifty Metal index, up 2.2 per cent. Nifty IT index, however, traded in red and closed 1.19 per cent lower. In the broader market, S&P BSE small-cap closed 202 points, or 1.63 per cent, higher at 12,589 level, while S&P BSE mid-cap index settled at 13,480 levels, up 77 points or 0.53 per cent.
Shares of IT conglomerate Infosys slipped 3 per cent to Rs 781 in the intra-day trade on the BSE after the company announced to close the buyback offer as it utilised almost full size of the issue approved. Investors took note of the Reserve Bank's decision to transfer record Rs 1.76 lakh crore to the government, which is expected to help improve the liquidity situation in a big way.
Besides, domestic equities have been riding a wave of optimism after the government came out with a stimulus plan to revive the economy. "Domestic equities also followed global stocks, that rallied after US President Donald Trump Donald Trump said China-US trade talks would resume soon," news agency PTI quoted traders as saying.
Shanghai Composite Index, Hang Seng, Kospi and Nikkei ended on a positive note. Equities in Europe were trading in the green in their respective early sessions. The Indian rupee appreciated 32 paise to 71.70 against the US dollar intra-day. Brent crude futures, the global oil benchmark, rose 0.93 per cent to USD 58.66 per barrel.
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