Markets in Green

In the afternoon trading session on Tuesday, Indian shares saw an upsurge, largely attributed to the temporary relief from Credit Suisse’s rescue, although concerns about contagion in the banking sector persisted.

The positive trend was also influenced by the improvement in global markets following the reduction of concerns surrounding the banking crisis, which was facilitated by UBS’ state-supported acquisition of Credit Suisse.

However, brokerages’ warnings of constraints on discretionary technology spending in the short term due to ongoing banking difficulties in developed markets cracked IT stocks by 1%, leading to market caution.

Nifty Bank, Financial Services, Oil & Gas, and Media are trading with about 1% gains each.

At around 2.00 PM, BSE Sensex is trading 417 points higher at 58,046 points. NSE Nifty is up by 118 points at 17,110.

On the nifty index, HDFC Life is trading 4% higher, being the top gainer. Reliance Industries, Adani Enterprises, and Bajaj Auto are trading with ~3% uptick. Titan joined the rally with a 2% gain.

On the loser’s chart, Power Grid is on top (-1.80%), followed by Hindustan Unilever (-1.36%). Tech Mahindra (1.17%), Britannia (-1.08%), and TCS (-0.83%) are trading down by 1%.

A total of 32 stocks advanced, and 18 declined on the Nifty index today.

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