Equity benchmark indices opened in the green on Tuesday with the Sensex trading 180 points up at 38,827 levels. The Nifty also climbed 43 points at 11,636 level, well above its key level of 11,600.
Reliance Industries, HDFC Bank, ITC, ICICI Bank, HDFC, IndusInd Bank were the main contributors to the S&P BSE Sensex 50’s rally.
Besides, shares of Essel Propack (EPL) gained on the BSE after the company informed that private equity funds managed by Blackstone have entered into a definitive agreement with Ashok Goel Trust to purchase a majority stake in the company. Based on the open offer subscription, the purchase price consideration will vary between Rs2,157cr and Rs3,211cr (or ~$310mn- $462mn).
Further, on the NSE, Zee Entertainment, Bharti Airtel, Infratel, HDFC Bank, and ICICI Bank were the top gainers. Conversely, GAIL, BPCL, NTPC, IOC, Tata Motors lost the most.
Interestingly, all sectoral indices were trading in the green on the NSE except the Nifty IT index, which down 0.3%, due to a marginal appreciation in the Indian rupee. Nifty Pharma, Media, and Realty indices were leading the sectoral indices gained ~1% each.
Notably, the volatility index, India VIX, gained 4% at 24.98.
Market breadth was positive on the NSE with 988 shares advancing, 525 shares declining, and 553 shares remaining unchanged.
Meanwhile, on the economic news front, investors are also keeping a close watch on the third phase of Lok Sabha General Election 2019, which has begun today.
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