Market Watch: Relief rally on D-Street for second consecutive day – Economic Times

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Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.

Domestic benchmark indices closed higher on Tuesday, a day ahead of the much-awaited Fed meet where Jerome Powell is expected to hike interest rate by 75 bps. Buying interest was seen in all sectors today.

The 30-share Sensex advanced 578.51 points to end at 59,719.74. Its broader peer, Nifty50, ended at 17,816.25, up 194 points.

Sun Pharma was the top gainer from the 30-share pack, rising 4.71 per cent to Rs 915.75. IndusInd Bank advanced 3.12 per cent, Dr Reddys Labs increased 2.88 per cent and Tata Steel surged 2.62 per cent. Titan, Bajaj Finserv, ICICI Bank and Asian Paints also ended with gains.

Sectorally, the Nifty Pharma index rose 3.08 per cent, while Nifty Consumer Durables surged 2.12 per cent. Nifty Midcap50 and Smallcap50 increased 1.26 per cent and 1.04 per cent, respectively.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said that the relief rally continued for the second straight session, which is indicative that investors are finding local stocks attractive after every short-term correction.

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