Mumbai : Intense buying in L&T, ICICI Bank, M&M and SBI took the benchmark indices higher for the fourth day in succession on Tuesday even as market remained volatile.
BSE Sensex closed the day rising 227 points or 0.52 per cent higher while the 50-share Nifty climbed 64 points upwards or 0.50 per cent to 12,938.
The benchmark opened marginally lower on unsupportive global hues and a rise in Coronavirus cases. In the first session the investor mood remained calm but turned bullish in the second half led by select heavy buying in select big scrips.
The Government placed Lakhsmi Vilas Bank under one-month moratorium superseding its board and capped withdrawals at Rs 25,000 per depositor, leading to the shares of the Bank closing 20 per cent down at Rs 12.40.
Shares of SpiceJet rose sharply 13 cent after HSBC upgraded the airline to buy and raised its target price to Rs 80 from 26.50 as survival risk came down and second quarter results came in better than expected. The SpiceJet shares had mainly suffered due to questions around its survival but now the risk was coming down as the return of Boeing 737 Max gets closer. At the end of the day, the scrip ended 13.20 per cent higher at Rs 66.90.
L&T shares gained 5 per cent to Rs 1145 after its construction and mining equipment business secured its biggest ever order to supply 46 units of Komatsu Mining equipment from Tata Steel, the company said in a regulatory filing.
Nifty closed above its 200-day moving average for the first time since July 2019 thereby indicating that the index was gaining momentum. The index closed 3.57 higher at 1500.80 with SBI gaining the maximum at 5.12 per cent. Bank of Baroda, Union Bank,Punjab National Bank, Bank of India and Canara Bank gained between one per cent and 5.50 per cent.
Eighty two stocks rose to a 52-week high on NSE. Among others these included Aarti Surfactants, Action Construction Equipment, Adani Ports, Adani Green, Ashok Leyland, Chambal Fertilizers, Bofil Chemicls, Everest Kanto, Eicher Motors and Capri Global.
At BSE, 341 stocks rose by their daily limits. These included GE Power India, GE T&D India, Hathway Cable and Datacom, Edelweiss Financial Services and Dewan Housing Finance.
Amidst a total trade of 23.48 crore shares in terms of volume, Vodafone Idea emerged as the most active stock on NSE in quantity terms, followed by YES Bank (20.70 crore), Tata Motors (17.18 crore) and SBI(10.45 crore).
On the other hand, in terms of value, the most active stocks were Bajaj Finance (Rs 3,463 crore), Tata Motors (Rs 2,885 crore), Reliance Industries (Rs 2,778 crore) and SBI (Rs 2,576 crore).
Experts opined that Sensex and Nifty are expected to rise further in the coming days.
