Banking, IT stocks boost equity gauges, Axis Bank up 6.3 pc

Equity benchmark indices reversed early losses and closed half a per cent higher on Tuesday despite weak global cues.

The BSE S&P Sensex closed 261 points or 0.54 per cent higher at 48,438 while the Nifty 50 gained by 67 points or 0.47 per cent to 14,200.

Most sectoral indices at the National Stock Exchange were in the positive terrain with Nifty IT moving up by 2.7 per cent, private bank by 1.9 per cent and financial service by 1.2 per cent. But Nifty metal closed 1.3 per cent lower while realty was down by 0.2 per cent.

Among stocks, Axis Bank jumped by 6.3 per cent to Rs 664.15 per share while IndusInd Bank surged by 2.6 per cent to Rs 921.35.

Home loan lender HDFC gained by 2.9 per cent, HDFC Life by 2.7 per cent, Asian Paints by 1.6 per cent, Titan by 1.5 per cent and Nestle India by 1.1 per cent.

IT major Wipro inched up by 2.6 per cent to close at Rs 406.90 per share while Tata Consultancy Services advanced by 1.9 per cent to Rs 3,098.80.

However, metal stocks suffered with JSW Steel retreating by 1.9 per cent to Rs 395.35 per share while Tata Steel dropped by 1.8 per cent and Hindalco by 1.4 per cent.

Index heavyweight Reliance Industries too closed 1.3 per cent lower at Rs 1,965.20 per share.

Meanwhile, Asian shares were mixed due to US Senate runoffs in Georgia which could have a big impact on incoming President Joe Biden's economic policies.

Uncertainty about the Georgia vote and worries about rising coronavirus infections sent Wall Street sharply lower a day earlier.

Japanese shares lost by 0.37 per cent after a report said the government will curb business hours in Tokyo and surrounding cities from Thursday.

Hong Kong's Hang Seng was up by 0.64 per cent while South Korea's Kospi moved up by 1.57 per cent.

( With inputs from ANI )