MUMBAI: Indian stocks rose on Tuesday, helped by a broad-based rally across sectors and driven by Adani Group shares, while a decline in the heavily weighted IT stock limited gains on uncertainty over the US debt ceiling negotiations.
The blue-chip Nifty 50 index closed 0.18% higher at 18,348, while the benchmark S&P BSE Sensex rose 0.03% to 61,981.79.
Ten of the 13 major industry indices advanced, with metals up 2.59%. Adani Enterprises Ltd, which has a 17% weighting in the metals index, was up over 13% and was the top performer from the Nifty 50.
All Adani Group shares rose between 0.3% and 14%, extending gains in the third session after the Securities and Exchange Board of India failed to return an investigation into alleged violations at the group’s overseas investments.
The expert panel of the Supreme Court ruled out a regulatory failure with the charge of price manipulation.
“The high integrity of the panel members must have given investors the confidence to buy the run-down (Adani) stocks,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
US debt ceiling negotiations failed to result in a deal on Monday, but both US President Joe Biden and Republican House Speaker Kevin McCarthy vowed to continue negotiations.
However, IT lost almost 0.5% due to the uncertainty. The index, which was up 2.5% in the previous session fueling markets’ gains, was the industry’s biggest loser on Tuesday.
At a standalone stock level, Divi’s Laboratories Ltd rose 3.61%, extending gains for the second time after the active pharmaceutical ingredients maker reported higher sales and core earnings in the March quarter.
The stock is up over 9% over the past two sessions and was among the top gainers in Tuesday’s Nifty 50.
The blue-chip Nifty 50 index closed 0.18% higher at 18,348, while the benchmark S&P BSE Sensex rose 0.03% to 61,981.79.
Ten of the 13 major industry indices advanced, with metals up 2.59%. Adani Enterprises Ltd, which has a 17% weighting in the metals index, was up over 13% and was the top performer from the Nifty 50.
All Adani Group shares rose between 0.3% and 14%, extending gains in the third session after the Securities and Exchange Board of India failed to return an investigation into alleged violations at the group’s overseas investments.
The expert panel of the Supreme Court ruled out a regulatory failure with the charge of price manipulation.
“The high integrity of the panel members must have given investors the confidence to buy the run-down (Adani) stocks,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
US debt ceiling negotiations failed to result in a deal on Monday, but both US President Joe Biden and Republican House Speaker Kevin McCarthy vowed to continue negotiations.
However, IT lost almost 0.5% due to the uncertainty. The index, which was up 2.5% in the previous session fueling markets’ gains, was the industry’s biggest loser on Tuesday.
At a standalone stock level, Divi’s Laboratories Ltd rose 3.61%, extending gains for the second time after the active pharmaceutical ingredients maker reported higher sales and core earnings in the March quarter.
The stock is up over 9% over the past two sessions and was among the top gainers in Tuesday’s Nifty 50.
