Bull run continues on D-Street but Bajaj twins tumble

Equity parameters continued their upward swing on Tuesday with heavy buying seen in energy, auto and banking stocks while pharma and FMCG were under pressure.

Equity parameters continued their upward swing on Tuesday with heavy buying seen in energy, auto and banking stocks while pharma and FMCG were under pressure. The BSE S&P Sensex closed 511 points or 1.37 per cent higher at 37,930 while the Nifty 50 ticked up by 140 points or 1.27 per cent at 11,162.

Except for Nifty pharma which dipped by 1.4 per cent and FMCG which was down by 0.8 per cent, all sectoral indices at the National Stock Exchange were in the green with Nifty PSU bank, private bank and finance service up by 2 per cent each. Among stocks, energy majors were the flavour of the day with Power Grid Corporation advancing by 6.4 per cent to Rs 174 per share, IndianOil Corporation by 5.6 per cent, Bharat Petroleum Corporation by 5.4 per cent and GAIL by 3.7 per cent.

ICICI Bank moved up by 4.3 per cent and Kotak Mahindra Bank by 3.2 per cent while Eicher Motors, Maruti Suzuki and Tata Motors surged ahead by 5.3 per cent, 4.2 per cent and 2.9 per cent. Home loan lender HDFC witnessed a gain of 4.4 per cent to close at Rs 1,887 per share. But Bajaj Finance closed 4 per cent lower at Rs 3,304 per share after the company said that Chairman Rahul Bajaj has decided to step down by the end of this month to pave way for his son Sanjiv.

He will, however, continue to serve the company as a non-executive non-independent director. Bajaj Finserv too tumbled by 3.5 per cent to close at Rs 6,387.05 per share. The other prominent losers included Britannia, Asian Paints, Bharti Infratel, Cipla, Sun Pharma, Dr Reddy's and Mahindra & Mahindra.

Meanwhile, Asian shares rose as European Union leaders signed a deal to jointly fund the recovery of their economies and hopes for a coronavirus vaccine lifted risk appetite. Japan's Nikkei rose by 0.73 per cent while Hong Kong's Hang Seng spurted by 2.31 per cent and South Korea's Kospi by 1.39 per cent. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)