Sensex opens 376 points higher, Nifty above 15,850; PSU banks lead
As many as 28 of 30 constituents of Sensex were trading in the green. Maruti Suzuki was the top gainer rallying 1.57%.
Benchmark equity indices opened in the green on Tuesday amid positive global cues. In opening trades, barometer index Sensex advanced 376 points or 0.72% at 52,950. The broader market index Nifty 50 was trading at 15,862 gaining 116 points or 0.74%.
As many as 28 of 30 constituents of Sensex were trading in the green. Maruti Suzuki, rallying 1.57%, was the top gainer, followed by Titan and M&M jumped around 1.15%, ICICI Bank and IndusInd Bank rose over 1.1%.
All sectoral indices on NSE were in the green with the Nifty PSU Bank index up 2.32%, leading the pack followed by Nifty Realty and Nifty Auto, up around 1% each. Nifty Metal & Nifty Bank rose around 1%. Nifty IT and Nifty FMCG gained 0.43% and 0.24% respectively.
The broader markets outperformed benchmark indices as the BSE MidCap index surged 0.89% and the BSE SmallCap advanced 1.25%.
Earnings today
NMDC, Ashapura Minechem, Aster DM Healthcare, Bharat Electronics, BL Kashyap and Sons, Gandhi Special Tubes, GE Power India, ITI, Jaypee Infratech, Max India, Omax Autos, Peninsula Land, PNB Gilts, Religare Enterprises, and Sobha will release quarterly earnings on June 22.
Stocks in spotlight
State Bank of India (SBI) said that the Central Board of the bank accorded approval for raising fresh Additional Tier 1 (AT 1) capital up to an amount of Rs 14,000 crore by issuing Basel-III compliant bonds. The bonds are proposed to be raised in Indian or US currency.
Bharti Airtel and Tata Group, announced a strategic partnership for implementing 5G networks solutions for India.
Sun Pharmaceutical Industries and/or associate companies along with one of its wholly owned subsidiaries today announced that they have reached an agreement with Celgene Corporation (Celgene), a wholly-owned subsidiary of Bristol Myers Squibb, to resolve the patent litigation regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Revlimid (lenalidomide capsules) in the US.
KPIT Technologies announced the signing of a definitive agreement to acquire a controlling stake in PathPartner Technology. PathPartner is a specialist design service and solution provider of operating system software and low-level software for Automotive, Camera, Radar, and Multimedia devices.
PG Electroplast approved an incoming investment of Rs 76.6 crore in the Extra-Ordinary General Meeting (EGM) of the company. The members approved the issue of Equity Shares and Compulsorily Convertible Debentures to Baring Private Equity India AIF, the Taparia family backed Ananta Capital, members of the Patni Family Office and some individual investors.
Dish TV India said its board approved the raising of funds up to Rs 1,000 crore through rights issue, at a price of Rs 10 per share.
Global markets
Overseas, Asian stocks are trading higher on Tuesday, tracking a U.S. equity rebound as the prospect of very gradual policy tightening tempers some of the concerns about the Federal Reserve’s hawkish tilt.
Wall Street rallied on Monday as investors piled back into energy and other sectors expected to outperform as the economy rebounds from the pandemic.
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