INSUBCONTINENT EXCLUSIVE:
Gains in financial, pharma and infra stocks supported the marketsDomestic equity markets climbed up on Tuesday, a day after official data
showed consumer inflation in the country eased slightly
Gains in financial, pharmaceutical and infrastructure stocks supported the markets, however weakness in consumer goods counters limited the
The markets tracked cautious gains in global equities ahead of a scheduled policy meeting of the US central bank.The Sensex ended 287.72
points - or 0.74 per cent - higher at 39,044.35, and the Nifty settled at 11,531.75, up 91.70 points - or 0.80 per cent - from its previous
the 32 gainers in the 50-scrip benchmark index.On the other hand, Titan, Maruti Suzuki, HDFC Life, Eicher Motors and ITC, closing between
0.82 per cent and 1.35 per cent lower, were the top Nifty losers.HDFC Bank, ICICI Bank and Reliance Industries were the biggest boosts to
Sensex, together contributing nearly 150 points to the gain in the index.The Nifty Bank - comprising stocks of 12 major lenders in the
country including SBI and HDFC Bank - closed 1.65 per cent higher, having risen as much as 1.87 per cent during the session
The sector was boosted a day after the government sought parliamentary approval to inject Rs 20,000 crore in state-run banks in the current
fiscal year, to support them against an expected jump in non-performing assets due to the coronavirus pandemic.Official data released after
market hours on Monday showed consumer inflation in the country eased slightly to 6.69 per cent in August, lower than economists' estimates
However, it stayed above the RBI's medium-term target range for a fifth straight month, supporting views the RBI will not find enough room
to ease its monetary policy further at its next scheduled meeting, in October.The S-P BSE Midcap and Smallcap indices - which track 30
stocks each in the mid- and small-cap segments on the BSE - rose 0.85 per cent and 1.44 per cent respectively, as broader markets continued
to outperform the benchmark indices after regulator Sebi mandated multi-cap funds to invest 25 per cent each in large-, mid- and small-cap
shares."The impact of Sebi's circular prescribing higher allocation to small- and mid-cap stocks in multi-cap schemes had an effect for
the second straight day, though to a lesser extent than on the previous day
Selective buying in these stocks continued though their elevated valuations have started to cause concerns among investors," said Deepak
Jasani, head of retail research, HDFC Securities.Equities elsewhere in Asia moved higher on positive industrial data from China and optimism
MSCI's broadest index of Asia Pacific shares outside Japan rose 0.63 per cent, though Japan's Nikkei 225 benchmark dropped 0.44 per cent
The E-Mini S-P 500 futures traded 0.71 per cent higher, indicating a positive start for Wall Street on Tuesday.Investors around the globe
keenly awaited the outcome of the Federal Reserve's two-day policy meeting due to begin later in the day.European stock markets started
