By Vivek Kumar M
(Reuters) -Indian benchmarks snapped a three-day losing streak on Tuesday, driven by bargain buying in heavyweight stocks such as Reliance Industries and HDFC Bank, with gains in infrastructure major Larsen & Toubro ahead of its earnings helping.
The Nifty 50 rose 0.57% to 24,821.1 points and the BSE Sensex added 0.55% to 81,337.95.
The benchmarks fell about 2% in the last three sessions due to fading hopes of an India-U.S. interim trade deal, weak earnings and sustained foreign outflows.
All 16 major sectors rose on the day. Heavyweight financials, which fell 0.5% earlier in the session, closed 0.3% higher.
The broader mid-cap and small-caps rose 0.8% and 1%, respectively.
Reliance Industries and HDFC Bank, among the top three heaviest stocks on the benchmarks, rose 2.1% and 0.7%, respectively.
“It is likely that we are seeing some buying after the drop in the last three sessions. But one should not read too much into today’s move because there is still uncertainty over what will happen on August 1,” said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.
Negotiations between India and the United States remained deadlocked, with Trump saying on Monday that most trading partners who do not negotiate separate deals would soon face tariffs of 15% to 20% on their exports to the U.S., well above the broad 10% tariff he imposed in April.
Analysts pointed to a flurry of stock movements due to an earnings-heavy day.
Infrastructure major Larsen & Toubro, which is due to report first-quarter results later in the day, added 2.1%, and Asian Paints jumped 1.8% after it posted a first-quarter earnings beat.
Electronics equipment maker Hind Rectifiers and electrical components maker Apar Industries surged about 20% and 12%, respectively, following strong earnings.
(Reporting by Vivek Kumar M; Editing by Eileen Soreng, Ronojoy Mazumdar and Janane Venkatraman)
