Indian benchmark indices ended Tuesday's session higher driven by gains in index heavyweight Reliance Industries, financial services stocks such as ICICI Bank, Kotak Mahindra Bank, and automobile stocks such as M&M and Eicher Motors.
On Tuesday, Nifty50 closed at 17577.5, up 0.5 percent while Sensex ended 0.4 percent higher at 59031.3.
“The way we are looking at markets today is that, especially over the last one to one and a half months, we have seen a significant move in the market and that has been led by three key things one, of course, some amount of FII flows coming back,” said Shibani Sircar Kurian, Senior Executive VP & Head-Equities Research at Kotak Mahindra AMC.
She added, “Secondly, expectations at margin start bottoming out in Q2, especially given the kind of trajectory on commodity price and third, India growth looks fairly robust on a relative basis”.
However, Kurian cautioned that the market is looking somewhat stretched now given the rising valuations.
Therefore near term, one could see some degree of either consolidation or volatility, she added.
Here's how the Rupee performed:
Elsewhere, gold prices edged higher from a near one-month low in the previous session, as investors were caught between worries of a recession and hawkish central bank views ahead of the Jackson Hole Symposium this week.
Having slipped in the last six sessions, spot gold rose 0.2 percent to $1,739.20 per ounce. Prices had dipped to $1,727.01 on Monday, their lowest since July 27.
Global markets
Key indices in Europe were mixed while MSCI’s Asia Pacific ex-Japan index was down 0.6 percent.
There was nervousness about tightening Federal Reserve monetary policy that kept investors edgy.
Markets are looking forward to this week's economic symposium in Wyoming.
Investors continued to take some money off the table amid caution ahead of the symposium for additional clues about the pace of future interest rate hikes.
(With inputs from agencies)
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