Closing Bell: Sensex gains 257 points, Nifty up 86 points

Indian equity benchmarks Sensex and Nifty ended their two-day
losing run to settle nearly half a percent higher on Tuesday following gains in
banking, metal, and auto stocks.

The Sensex added 257.43 points or 0.44% to close at
59,031.30. During the day, it hit a high of 59,199.11 and a low of 58,172.48.
The Nifty advanced 86.80 or 0.50% to finish at 17,577.50. 

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The broader indices ended in green with the BSE Mid cap
index up by 1.03% and Small cap index up by 0.78%. The top gaining sectoral
indices on the BSE were Metal up by 2.08%, Auto up by 1.70%, PSU up by 1.51%,
Consumer Durables up by 1.44%, and Energy up by 1.28%, while IT down by 1.67%
and TECK down by 1.35% were the only losing indices on BSE.

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Top gainers from the Sensex pack were Mahindra &
Mahindra up by 3.78%, Bajaj Finserv up by 2.75%, Titan Company up by 2.60%,
Tata Steel up by 2.38%, SBI up by 2.12%, Kotak Mahindra up by 1.96%, Sun Pharma
up by 1.81%, Reliance up by 1.57%, ICICI Bank up by 1.47% and Bajaj Finance up
by 1.46%.

Among the laggards were TCS down by 2.10%, Infosys down by
2.09%, HCL Tech down by 1.25%, Hindustan Unilever down by 1.14%, Tech Mahindra
down by 1.12%, Wipro down by 0.75% and HDFC down by 0.29%.

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The rupee depreciated 4 paise to close at 79.88 against the
US dollar, following a strong American currency in the overseas market and rising crude oil prices.

Asian markets mostly ended lower with Seoul’s KOSPI index
down by 1.10%, Japan’s Nikkei 225 down by 1.19%, Shanghai Composite down by
0.05%, and Hang Seng down by 0.78%.

European stock markets were trading on a mixed note during
mid-session deals. The US stock market had ended sharply lower on Monday.

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“Fear of uncertainty is visible in the market as they
move with high volatility, led by weak signals from global peers, while a
stronger domestic economy is providing some comfort. Global markets were under
pressure with a spike in European energy prices and rate hike fears ahead of
the Jackson Hole gathering,” said Vinod Nair, Head of Research at Geojit
Financial Services.

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On the domestic front, gains in banks, autos, and metals
were countered by selling in IT stocks as majors are scaling down variable pay
due to margin pressure, Nair added.

Brent crude, the international oil benchmark was trading
1.43% higher at US$ 97.85 per barrel.

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According to stock exchange data, Foreign Institutional
Investors (FIIs) offloaded shares worth Rs 453.77 crore on Monday.