Banks, Financials Revive Gains: Nifty Surpasses 17,100, India VIX Slumps

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Banks, Financials Revive Gains: Nifty Surpasses 17,100, India VIX Slumps

By Malvika Gurung -- Leading Indian stock indices ended higher on Tuesday, erasing the previous session’s losses amid positive cues from global markets following easing global banking turmoil relieving investors, along with expectations of the US Fed turning to a less-aggressive stance at the policy meeting in the week.

Benchmarks Nifty50 ended 0.7% higher, surpassing the 17,100 mark to 17,107.5 at the close, and Sensex added 445.73 points or 0.77%.

Read Also: US Fed Policy Meet This Week: 25 or 50 Bps Rate Hike Forecasts Below

The market fear barometer India VIX tumbled over 10% in Tuesday’s session to touch 14.8 levels after zooming past 11% in the previous session.

Most sectoral indices under the Nifty umbrella ended higher, led by an up to 2% jump in Nifty PSU Bank and Nifty Financial Services . Nifty Bank ended 1.35% higher, while Nifty IT slumped 1%.

Market behemoth Reliance Industries (NS: RELI ) surged 3.2% on Tuesday and snapped an 8-day losing streak in the session.

On the Nifty pack, HDFC Life Insurance (NS: HDFL ), Reliance, Bajaj Finance (NS: BJFN ), Titan (NS: TITN ), Bajaj Auto (NS: BAJA ), SBI Life Insurance (NS: SBIL ) and Axis Bank (NS: AXBK ) were among the top gainers, while Hindustan Unilever (NS: HLL ), PowerGrid, TCS (NS: TCS ), Britannia (NS: BRIT ), Tech Mahindra (NS: TEML ) and Apollo Hospitals (NS: APLH ) exerted pressure on the index.

At 4:55 pm, key US contracts Dow Futures jumped 0.9% and Nasdaq 100 Futures rose 0.54%.

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