BENGALURU: Indian shares snapped two sessions of losses and settled higher on Tuesday as global stocks gained, with investors eyeing a slew of blue-chip earnings due this week.
The NSE Nifty 50 index closed up 1.46% at 17,200.80, while the S&P BSE Sensex settled up 1.37% at 57,356.61.
Both the indexes fell more than 1% in each of the last two sessions, as prospects of aggressive rate hikes by the U.S. Federal Reserve and surging inflation hit risk appetite.
“We are seeing a phase of consolidation, our fundamentals have not changed and we will largely react in line with global stocks. So, we are seeing a rebound,” said Ajit Mishra, vice president, research at Religare Broking.
World shares steadied on Tuesday, with The MSCI world equity index rising 0.1% from six-week lows, though global growth fears stoked by China’s stringent COVID-19 curbs and rate hike bets weighed on stocks.
In India, all major Nifty sub-indexes settled in positive territory, the Nifty Realty index leading the pack with a 3.8% jump.
Nifty’s auto index closed up 2.8% at an over two-month high led by a 6% surge in Bajaj Auto.
Car maker Maruti Suzuki India, which is set to post results later this week, rose to a near eight-week high during the session but gave up gains to settle 0.07% lower.
Adani Enterprises closed up 4.9% at a record high, while Adani Ports was the top gainer on the Nifty 50 index with a 5.8% jump.
A media report on Tuesday said that conglomerate Adani Group was in advance talks to buy Holcim’s cement business in India.
Mahindra CIE Automotive closed up 12.4% at its highest since mid-January, after its March-quarter net profit jumped.
HDFC Life Insurance Co shares settled up 1.8% after reporting a rise in profit after tax for the March quarter.
Shares of Reliance Industries jumped 3% to near record highs.
Nifty components Bajaj Finance closed up 3.4% ahead of its March-quarter results.
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