Indian shares hit a six-month high before giving up most of their early gains to end marginally higher on Tuesday. A drop in index heavyweights Reliance Industries and Infosys capped the gains, however, banks and financials supported the indices.

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The Sensex ended 45 points higher at 38,844 while the Nifty rose 6 points to settle at 11,472.

Meanwhile, other Asian markets followed Wall Street higher, boosted by reports that top USand Chinese officials see progress being made in resolving concerns around the Phase 1 trade deal reached between the two countries in January.

On the Nifty50 index, Tata Motors, Bajaj Finance, SBI, Tech Mahindra and Eicher Motors were the top gainers while GAIL, NTPC, Sun Pharma, Tata Steel and Dr Reddy's led the losses.

Broader markets ended in the green for the day with the Nifty Midcap and Nifty Smallcap indices up 0.4 percent and 0.6 percent, respectively.

Among sectors, Nifty Bank rose the most, up 1.2 percent while Nifty Fin Services added 1 percent for the day. The Auto index was also up 0.6 percent. Meanwhile, the realty index declined the most, over 2 percent followed by Nifty Metal, which was down 0.8 percent. Nifty Pharma, Nifty IT and Nifty FMCG were also in the red for the day.

Among individual stocks, Max Financial Services jumped nearly 13 percent after private sector lender Axis Bank tweaked the deal terms of its proposed joint venture with the company. As per the new terms, Axis Bank will now acquire a 17 percent stake as against the 29 percent that was previously agreed upon.

The Phoenix Mills lost 10 percent after nearly 1.5 crore shares, representing about 10 percent equity stake worth Rs 1,055 crore changed hands in multiple block deals at an average of Rs 667 per share. According to sources, promotors are likely to have offloaded shares via the block deals today.

LIC Housing Finance rose 8 percent after the company reported a 34 percent jump in its net profit to Rs 817.48 crore for the quarter ending June, helped by lower provisioning.

First Published:Aug 25, 2020 3:35 PM IST