Domestic Equity Market inched higher on Tuesday led by strong gains in PSU Banks and auto stocks amid mixed global cues. Net buying of FII/FPI was at Rs.571.47 crore while Net selling of DII was at Rs.1334.50 crore. The Sensex rallied 0.50 percent, or 247.79 points to 49,517.11 levels with shares of SBI, Bharti Airtel, Reliance,HDFC Bank, ITC,Axis Bank, NTPC were having gains of 3.65%, 3.41%, 3.14%, 2.10%, 1.95%, 1.29%,1.26% respectively while shares of Asian Paints, Titan, HUL, Nestle India, Kotak Bank, Sun Pharma were the losers with a loss of 3.93%,2.32%, 2.16%, 2.12%, 1.78%, 1.78% respectively. The NSE Nifty ended 0.54 percent or 78.70 points higher, at 14,563.45 levels with Indexes like Realty, Media, Energy, Auto, Bank, Metal Indexes were having gains of 2.76%, 1.38%, 1.29%, 1.24%, 1.06%, 0.46% respectively while Pharma,FMCG, IT Indexes were the losers with a loss of 1.25%, 0.56%, 0.17% respectively.
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SBI’s share price surged nearly 4% as the bank has revised its fixed deposit (FD) interest rates in select maturity tenures. SBI FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others.
Bharti Airtel gained over 3% as the brokerage has a 'buy' rating on the stock with the target raised to Rs 650 per share from Rs 570 earlier.
Reliance jumped over 3% as Reliance Retail is set to rope in local kirana stores as franchise partners to fulfill orders placed on its ecommerce platform JioMart.
HDFC Bank rose nearly 2% after foreign portfolio investors (FPIs) increased their stake in the private sector lender for the third quarter in a row.