Equity indices swing higher, metal and pharma stocks gain
Mumbai: Equity benchmark indices swung higher during early hours on Tuesday amid mixed global cues with metal and pharma stocks witnessing substantial gains. At 10:15 am, the BSE S&P Sensex was up by 727 points or 1.48 percent at 49,735 while the Nifty 50 edged higher by 220 points or 1.51 percent to 14,727. Except for Nifty realty which dipped marginally, all other sectoral indices at the National Stock Exchange were in the green with Nifty metal up by 2.6 percent, pharma by 2 percent, FMCG by 1.8 percent, and private bank by 1.4 percent. Among stocks, JSW Steel gained by 3.7 percent to Rs 461.90 per share while Tata Steel was up by 3.3 percent to Rs 792.70.
Tata enterprise Titan edged higher by 3.6 percent, Hindustan Lever by 3.1 percent, ONGC by 2.9 percent, Power Grid Corporation by 2.9 percent, and GAIL by 2.7 percent. However, Mahindra & Mahindra and Bharat Petroleum Corporation traded with a negative bias. Meanwhile, Asian shares were mixed as global investors shook off worries about a hedge fund default that roiled global banking stocks overnight. Wall Street pared earlier losses driven by the banking sector on fears that issues with a defaulting hedge fund could spread throughout the banking sector. In Asia, the MSCI's broadest index of Asia Pacific shares outside Japan was marginally higher by 0.08 percent. Hong Kong's Hang Seng Index was up by 0.36 percent.
