Stock Market: Indian Shares Surge at Close Trade

Indian stocks were higher after the close on Tuesday as risk appetite stayed strong after the U.S. cancelled plans to tariffs on Mexico, escalating hopes of a rate cut by the Federal Reserve.

The NSE index gained 0.36 percent while the benchmark BSE index rose 0.42 percent.

The Nifty public sector index was closed 2.70 percent or 9.05 points to trade at 346.20. Meanwhile, the metals index gained 2.58 percent or 4.25 points to end at 169.25 and Tata Motors Ltd soared 2.83 percent or 4.70 points to 170.75 in late trade.

Zee Entertainment topped the list of NSE gainers, closing 3.24 percent higher, and lifted the Nifty Media index.

Yes Bank pared early losses to end 2.7 percent higher after Moody’s placed the private-sector lender under review for lower.

Housing finance business Indianbulls was down 8.07 percent or 59.20 points to trade at 674.55 at closed. Indian multinational pharmaceutical company, Sun Pharmaceutical Industries Ltd dropped 2.62 percent or 10.55 points at 389.95 at closed and the Indian multinational car manufacturing corporation, Mahindra & Mahindra Ltd fell 1.62 percent or 10.45 points to 636.85.

BSE Sensex 30 gained 4.38 percent to 84.60, Tata Motors Ltd which increased2.71 percent to settle at 170.65 and Oil and Natural Gas Corporation which added 2.58 percent at 169.00 at closed.

Sun Pharmaceutical Industries Ltd in late trade which tumbled 3.00 percent to 389.80, while the Mahindra Ltd dropped 1.38 percent at 638.20 and Larsen & Toubro which was down 0.49 percent close to at 1524.70.

Falling stocks outnumbered advancing ones on the India National Stock Exchange by 895 to 708 and 52 ended unchanged; on the Bombay Stock Exchange, 1365 fell and 1099 advanced, while 147 ended unchanged.

Sun Pharmaceutical Industries stocks were down to 5-year lows; fall 2.62 percent or 10.55 to 389.95. A stock in Pharmaceutical Industries Ltd. was down to 5-year lows; drop 3.00 percent or 12.05 to 389.80.

The India VIX is a volatility measures of Nifty 50 options, fell 3.24 percent to 14.4900 a fresh 3-months low.

For August delivery of Gold Futures dropped 0.23 percent or 3.05 to $1326.25 a troy ounce. In commodities trading, the crude oil for delivery in July gained 1.15 percent or 0.61 to hit $53.87 a barrel, meanwhile, the August Brent oil contract increased 0.53 percent or 0.33 at $62.62 a barrel to trade.

USD/INR pair fell 0.11 percent to 69.435 while the EUR/INR pair was down 0.10 percent to 78.5615.

The US Dollar Index Futures rose 0.02 percent at 96.727.