Stock markets close higher on buying in Reliance, HDFC Bank

Mumbai: Benchmark stock indices Sensex and Nifty closed higher in a range-bound trade on Tuesday, helped by gains in index heavyweight Reliance Industries and HDFC Bank.

The 30-share BSE Sensex rose by 90.83 points or 0.11 per cent to settle at 83,697.29 with 13 of its constituents closing higher and 17 in the red. During the day, it rallied 267.83 points or 0.32 per cent to 83,874.29.

The 50-share NSE Nifty gained 24.75 points or 0.10 per cent to close at 25,541.80.

Among Sensex firms, Bharat Electronics was the lead gainer, rising by 2.51 per cent after the company announced securing orders worth Rs 528 crore.

Reliance Industries advanced 1.84 per cent as analysts expressed optimism over the launch of a solar manufacturing facility.

Asian Paints, UltraTech Cement, Kotak Mahindra Bank and HDFC Bank were also among the major gainers.

Axis Bank, Trent, Eternal and Tech Mahindra were among the laggards.

"Markets traded lacklustre and ended almost unchanged, taking a breather after Monday’s decline. Following an initial uptick, the Nifty moved in a narrow range and eventually settled at 25,541.80. Buoyancy in global markets—especially the US—along with stable domestic cues suggests that the prevailing trend is likely to continue," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.

The BSE smallcap gauge dipped 0.18 per cent and midcap index dipped 0.07 per cent.

Among BSE sectoral indices, telecommunication rose by 0.52 per cent, energy by 0.46 per cent, consumer durables by 0.43 per cent and metal by 0.30 per cent.

FMCG declined 0.68 per cent, power (0.41 per cent), utilities (0.32 per cent), IT (0.24 per cent) and BSE Focused IT (0.25 per cent).

As many as 2,025 stocks advanced while 1,985 declined and 154 remained unchanged on the BSE.

"Domestic indices traded within a narrow range, following last week's strong rally. Investors are closely monitoring developments, seeking clarity on U.S. tariffs as the 90-day pause approaches its end," Vinod Nair, Head of Research, Geojit Investments Limited, said.

In Asian markets, South Korea's Kospi and Shanghai's SSE Composite index settled in the positive territory while Japan's Nikkei 225 index ended lower. Markets in Hong Kong were closed. European markets were trading mostly lower.

The US markets ended higher on Monday.

Global oil benchmark Brent crude dipped 0.22 per cent to USD 66.56 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 831.50 crore on Monday, according to exchange data.

On Monday, the Sensex dropped 452.44 points or 0.54 per cent to settle at 83,606.46. The Nifty declined 120.75 points or 0.47 per cent to 25,517.05.