Stocks remained on the frontfoot as the Sensex on Tuesday sprinted 213 points to close at 29,788, after three days of losses, on investor optimism about March quarter earnings. Investors are looking forward to a set of economic data industrial production (IIP) for February and CPI inflation for March due on Wednesday.
The quarterly results are going to kick off with Infosys announcing its numbers on Thursday. Sectoral indices such as FMCG, capital goods, PSU, realty and banking were in the lead, giving sentiment a lift.
The 30-share barometer resumed higher before ending at 29,788.35, a recovery of 212.61 points, or 0.72 per cent. The gauge had lost 398.50 points in the previous three sessions.The NSE Nifty again crossed the 9,200-mark to hit a high of 9,242.70 and settled 55.55 points, or 0.61 per cent, higher at 9,237.
“The rupee reversing some of its losses and approaching Infy Q4 results propped up IT stocks. Banks continue to look forward to NPA resolution measures shortly, and the strength was visible today. India's IIP and CPI release on Wednesday will keep market interested, but may not make a strong move until Q4 numbers start flowing in,” said Anand James, Chief Market Strategist, Geojit Financial Services.
Hopes of good show by IT major Infosys for the March quarter helped. The stock recovered 1.49 per cent. ICICI Bank, SBI, l&T, Wipro, Bharti Airtel and Asian Paints all added to the broad momentum.The BSE FMCG index surged 1.56 per cent whereas ITC soared 3.16 per cent.