Market Wrap: Bulls Takeover, UCO Bank Shines, Fed’s Mester Speech, Paytm Cracks

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Market Wrap: Bulls Takeover, UCO Bank Shines, Fed’s Mester Speech, Paytm Cracks
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market ended in green on Tuesday, snapping a three-day losing streak, led by gains across PSU banks, IT and metal sectors.

Benchmark indices Nifty50 ended 0.46% higher, above the 18,200 level, while Sensex rose 0.45% or 274.12 points, at par with broader market indices like Nifty Midcap 100.

Investors globally await the comments and fresh cues from the US Fed officials for indications on the path of US monetary policy. Federal Open Market Committee (FOMC) Member Mester’s speech is scheduled at 9:30 pm Indian Time today.

Barring Nifty Realty , all sectoral indices in the day ended in green, led by NIfty PSU Bank jumping almost 2%. Constituent UCO Bank (NS: UCBK ) soared over 14% in the day, boosting the sectoral index. Nifty Bank gained 0.26%.

Read Also: Top PSU Bank Strikes Again: Hits New 52-Wk High on Day 2, Rallies Over 12%

New-age digital stocks Nykaa (NS: FSNE ) and Paytm (NS: PAYT ) tanked up to 12% in the day.

After three days of risk aversion, the domestic market experienced a relief rally in response to a bullish trend in global markets, stated Vinod Nair, Head of Research at Geojit Financial Services, in a note provided to Investing.com.

“The tight COVID lockdown in China, however, has negatively impacted the forecast for global growth. FII interest has also reduced significantly as a result of the increased likelihood of stricter Fed policies,” he added.

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