India's benchmark stock indices ended higher for the third straight day on Tuesday, led by index heavyweights ITC Ltd. and Infosys Ltd. The Sensex ended above the 65,700 mark, while the Nifty went beyond 19,500.
The media and pharmaceutical sectors advanced, whereas banks and non-banking financial services were under pressure. Nifty IT and Nifty Media hit 17-month highs intraday, whereas Nifty Metal hit a fresh record. Broader markets outperformed their larger peers, and the Nifty Midcap 100 and Nifty Smallcap 100 ended at record highs.
The S&P BSE Sensex closed 152 points, or 0.23%, higher at 65,780.26, while the NSE Nifty 50 gained 46 points, or 0.24%, to close at 19,574.90.
European stocks followed Asian equities lower as disappointing data from China renewed concern over the nation's fragile economic recovery. The Stoxx 600 dropped 0.7%, edging lower for the fifth day, and futures on U.S. equities declined.
Stocks were little changed in South Korea after inflation accelerated much faster than estimates in August on the back of higher energy costs, reinforcing the case for the central bank to keep the door open to further policy tightening to rein in prices. Shares advanced in Japan and were volatile in Australia. Hong Kong's Hang Seng index declined over 2%.
ITC, Infosys, Reliance Industries Ltd., Larsen & Toubro Ltd., and Sun Pharmaceutical Industries Ltd. positively contributed to the Nifty 50.
HDFC Bank Ltd., UltraTech Cement Ltd., Maruti Suzuki India Ltd., State Bank Of India, and Dr Reddy's Laboratories Ltd. weighed on the index.
The broader market indices outperformed their larger peers; the S&P BSE MidCap ended 1.09% higher, while the S&P BSE SmallCap closed 0.61% higher on Tuesday.
Sixteen of the 20 sectors compiled by BSE Ltd. advanced, while four declined. S&P BSE Energy, S&P BSE Healthcare, and S&P BSE Realty rose the most.
The market breadth was skewed in favour of the buyers. About 2,235 stocks rose, 1,317 declined, and 146 remained unchanged on the BSE.
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