Sensex, Nifty End Over 1% Higher, Extend Gains To Second Straight Day

Domestic stock markets ended a choppy session on Tuesday over 1 per cent higher, as the country remained in an extended lockdown to curb the spread of the coronavirus (COVID-19) pandemic. The S&P BSE Sensex index jumped as much as 1.33 per cent - or 421.57 points - to 32,164.65 during the session, having started the session up 358.83 points at 32,101.91. The broader NSE Nifty 50 benchmark climbed to as high as 9,402.55 after starting the session at 9,389.80, compared with its previous close of 9,282.30.

However, the markets trimmed some of those gains in the second half of the session as selling pressure in pharmaceutical and consumer goods stocks countered buying interest in financial shares. 

The Sensex closed 371.44 points - or 1.17 per cent - higher at 32,114.52 and the Nifty settled at 9,380.90, up 98.60 points - or 1.06 per cent - from its previous close.

Analysts say investors are still in a cautious mode assessing the measures announced by policymakers to fight the economic fallout from the coronavirus (COVID-19) pandemic.

In the 50-scrip Nifty basket, 28 stocks finished the session higher. Top percentage gainers were IndusInd Bank, Bajaj Finance, HDFC, Axis Bank and Bajaj Finserv, ending between 5.36 per cent and 17.07 per cent higher.

On the other hand, Sun Pharma, Indian Oil, NTPC, Vedanta and Nestle - closing between 2.09 per cent and 3.02 per cent lower - were the top Nifty losers.

IndusInd Bank shares gained 17.07 per cent to end at Rs 476.95 apiece on the NSE, a day after the private sector lender reported its financial results for the January-March period. IndusInd Bank posted a 16.18 per cent fall in net profit to Rs 301.84 crore for the quarter ended March 31.

Axis Bank is due to report its earnings for the last quarter of financial year 2019-20 later in the day.  

Equities in Asian markets were mixed in early trade, with MSCI's broadest index of Asia Pacific shares barring Japan last seen trading up 0.04 per cent while Japan's Nikkei 225 benchmark was down 0.62  per cent and China's Shanghai Composite down 0.38 per cent.

European shares followed with gains of more than 1 per cent in early trade. The United Kingdom's FTSE benchmark index was last seen trading up 1.37 per cent, while France's CAC and Germany's DAX were up 1.36 per cent and 1.61 per cent respectively. 

Overnight in the US, equities had a strong session with gains of more than 1 per cent, as easing lockdown restrictions by some countries and American states buoyed sentiment however a fall in oil prices limited the upside.