After a long weekend, Indian benchmark indices ended Tuesday's session on a positive note, with the market gaining for the sixth straight session to close at an over four-month high.
The market has closed with gains in 22 of the last 30 trading sessions.
Today's uptrend in Nifty50 was led by financials and automobile stocks. Nifty50 ended at 17,825.25, up 0.7 percent while Sensex closed 0.6 percent higher at 59842.21.
“I think investors have been pleasantly surprised by this rally. If we go back 30-40 days... everyone was bearish, and there were fears that oil will go to $150-175 per barrel because of shortages from Russia. So, the worst-case scenario didn't play out on oil,” said Rahul Chadha, Chief Investment Officer at Mirae Asset Global Investments.
“What we have seen is a good set of results. A mix of low investor positioning and the worst case not playing out, strong earnings led to what we see now,” he said, adding expectations from here on would be still cautious.
Elsewhere, gold extended losses on Tuesday after posting its biggest drop in a month in the previous session, as a stronger dollar dented bullion's appeal, while investors watched for signs of further policy tightening by the US Federal Reserve.
Spot gold fell 0.2 percent to $1,775.30 per ounce after falling more than 1 percent on Monday. US gold futures dropped 0.4 percent to $1,790.20.
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Global markets
MSCI’s broadest gauge of Asia Pacific shares outside Japan was down 0.1 percent, while key European indices were higher.
They grappled with worries over global growth following weak Chinese and US economic data that knocked oil prices and commodity-linked currencies. The dollar briefly hit a one-week high as investors piled back into the safe-haven currency while the Aussie, euro and Chinese yuan buckled.
S&P futures were down 0.2 percent hinting at a lower start for the US equities.
(With inputs from agencies)
First Published: Aug 16, 2022 4:00 PM IST
