Stock Market Update: Sensex rallies for second session in a row, gains 361 points; Nifty closes above 18100

Stock Market Update: The Indian stock markets fluctuated, giving buyers and sellers opportunities, on Tuesday. The S&P BSE Sensex and NSE Nifty50 Indian leading indices ended the day in the green for the second straight session. While the Sensex closed at 60939.23, up 372 points or 0.62 percent, the Nifty50 was trading at 18132.30, up 117 points or 0.65 percent. Banking index Nifty Bank was trading at 42859.50, up 229.35 points or 0.54 percent.

Indian markets crept higher

Following China's announcement that it will further relax its rigorous COVID-19 regulations, which increased optimism of a demand recovery in the second-largest economy in the world, Indian markets crept higher on Tuesday, helped by an increase in metal stocks.

Earlier in the session, both indices had increased by more than 0.6%; however, a decline in banking stocks caused the indexes to reduce their gains.

Metals led the gains

After major consumer China stated it would stop requiring incoming travellers to go under quarantine starting on January 8, moving farther away from a stringent "zero-COVID" policy that had hindered its economic activities, metals led the gains, rising over 2.7%.

The demanding Category A COVID-19 management in China will also be reduced to the less stringent Category B, the nation's health ministry announced on Monday.

Stock Market Update: Top gainers

Forty of the fifty stocks in the Nifty rose, nine fell, and one was unchanged. Tata Motors, Hindalco Industries, ONGC, Tata Steel, and JSW Steel were the top gainers, while Hindustan Unilever, Apollo Hospitals, Nestle India, Mahindra & Mahindra, and ITC were the top losers.

Nifty FMCG was the sole loser

Of the 15 Nifty Sectoral Indices, Nifty FMCG was the only one in the red. Nifty Metal (+4.29 percent), Nifty Realty (+1.29 percent), and Nifty Media (+1.19 percent) were the biggest gainers. India VIX, which measures Nifty volatility, fell 4% to 15.

Stock Market Update: Rupee against dollars

To close at 82.85 (provisional), the rupee loses 20 paisas. USDINR December futures were up 0.1675 or 0.20 percent, trading at 82.8600 on the BSE.

The Singapore-based SGX Nifty was up 119 points or 0.66 percent, trading at 18148. The Dow 30 Futures were up 241 points or 0.73 percent, trading at 33418.20.

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