Indices surge for 7th day, bank stocks lead rally

Mumbai: Indian shares marched higher for the seventh day in a row on Tuesday tracking a positive undertone in global equities as investors await key economic data in the US and Europe this week.

Banks and financials led the charge on Dalal Street that saw the Sensex reclaim the 60,000-mark, and the Nifty near its crucial resistance of 17,800 levels.

The Sensex ended at 60,157.72, up 311.21 points, or 0.52%, from the previous close. The Nifty advanced 98.25 points, or 0.56%, to close at 17,722.30.


India's third-biggest private lender by market value, Kotak Mahindra Bank, was the top Sensex performer, rising more than 5% and providing momentum to several private-sector and state-owned peers. The Bank Nifty surged to its one-month high of 41,366.50.

On Tuesday, foreign portfolio investors (FPIs) featured as net buyers for the seventh day in a row. Overseas funds net purchased shares in the cash segment worth ₹342.84 crore while domestic institutions were net sellers to the tune of ₹264.02 crore, according to provisional stock exchange data.

Investors now await the release of March inflation print in the US and Germany on Wednesday that will throw more light on the global interest rates trajectory.

Back home, IT major Tata Consultancy Services (TCS) will kick-off the fourth quarter earnings on Wednesday. Shares of TCS fell 1.5% ahead of the quarterly results.