Indian equity benchmarks, the BSE Sensex and NSE Nifty 50, ended on a high note, closing at a four-month high after gaining for the sixth consecutive day. The Nifty 50 ended just shy of the 18,150 mark, while the Sensex rose by over 200 points to 61,355. The IT sector, along with metal stocks, lifted the market, with Infosys being the top contributor.
While Reliance and ONGC moved higher, the government's decision to cut the windfall tax on crude played a role in this surge. Conversely, Hero and Ashok Leyland slipped while Bajaj Auto, Eicher, and Maruti rose after a successful April sales month. Midcap stock Atul was the biggest loser, with brokerages cutting EPS estimates after a weak quarter.
On the other hand, RBL and Kotak Bank saw losses despite steady March quarters, while IDFC First Bank gained on strong earnings. Indiamart had a robust move on the upside as March quarter earnings came in-line. Newgen Software surged 12 percent after reporting a strong set of earnings.
The Adani group stocks, with the exception of NDTV, closed the Tuesday session higher. The market breadth favoured advances, with the advance-decline ratio at 3:2. BSE companies gained a market cap of more than Rs 36,000 crore. Investors are eagerly awaiting financial results from Tata Steel, Ambuja Cement, and other India Inc companies for domestic cues, with Adani Total Gas having reported its earnings earlier in the day, and Kotak Mahindra Bank, Adani Green, Ultratech Cement, and SBI Cards having reported their quarterly numbers over the weekend.