IT stocks, HDFC twins boost Sensex; Nifty tops 11,900

Source: economictimes.indiatimes.com

NEW DELHI: Benchmark indices Sensex and Nifty ended with gains for a second consecutive session on Tuesday supported by shares of IT firms and HDFC twins and Reliance IndustriesNSE 0.08 %.

The indices were in the red for most part of the session, tracking mixed global cues amid fresh trade tensions. But the market pared losses in the late afternoon on buying in stocks such as HDFC twins, InfosysNSE -1.13 %, RIL and ONGC.

The investors remained optimistic ahead of Union Budget on Friday. Trading remained thin due to heavy rains in Mumbai, where the government declared a public holiday.

Overseas, European stocks edged up while Asian stocks ended mixed as enthusiasm over the latest US-China truce faded. Investors were skeptical of further gains after discouraging manufacturing surveys in the past 24 hours and a US threat of additional tariffs on European goods, Reuters reported.

Softer oil prices also helped market sentiment as concerns that the global economy could be slowing outweighed an agreement by producer club Opec to extend supply cuts until next March.

BSE Sensex jumped 130 points or 0.33 per cent to 39,816.48 while NSE Nifty ended at 11,910.30, up 44.70 points or 0.38 per cent.

Market at a glance
In the 30-pack Sensex, 19 stocks ended in the green and 11 in the red with YES Bank as the worst performer and ONGC best. HDFC, Bharti Airtel, Infosys and M&M too joined ONGC on the gainers list, rising up to 2.89 per cent.

Sun Pharma, Bajaj AutoNSE 0.50 % and Tata Motors were among other Sensex stocks that declined.

BSE Midcap rose 0.38 per cent in sync with benchmark Sensex while BSE Smallcap index underperformed.

BSE Oil & Gas index recorded gains of 1.11 per cent followed by Power, Energy and IT index.

Shares of YES Bank ended 8.20 per cent lower after media reports that a Mumbai-based Radius Developers has defaulted on scheduled interest payments on a Rs 1,200-crore loan to the private lender.

In terms of index contribution, HDFC, Reliance Industries, Infosys and TCS were the top support while YES Bank, Kotak Mahindra BankNSE 0.38 % and ICICI BankNSE -0.02 % were the top drag on Sensex.