Indian stocks gain for second straight day

MUMBAI: Indian stocks gained for the second straight session on Tuesday with broad-based support from all major sectoral indices.

At 9.39 am, Sensex traded at 59,259.10 points, up 13.12 points or 0.022 per cent, whereas Nifty traded at 17,671.65 points, up 5.85 points or 0.033 per cent.

Their intraday high so far this morning was 59,566 points or 17,764 points, respectively.

"Yesterday Indian benchmark indices outperformed global peers amid weak global market cues. All major sectors participated in the rally with the broader market also showing strength," said Mohit Nigam, Head - PMS, Hem Securities.

Investors now await India's retail inflation data for July, which will be released around the middle of this month.

India's retail inflation fell to 6.71 per cent in July, the lowest level in five months, helped by an easing in food and oil prices, as per the National Statistical Office (NSO) data.

However, retail inflation has been over the Reserve Bank of India's upper tolerance band of 6 per cent for the seventh consecutive month in a row. Retail inflation was at 7.01 per cent in June.

Meanwhile, Dreamfolks Services is all set to debut in the stock market today.

"The debutant is expected to list with handsome gains. We expect Indian indices to remain range bound in the absence of any major global or domestic events," Nigam said.

The initial public offer of Dreamfolks Services was subscribed 56.68 times during the three-day window last month.

Dreamfolks Services is touted as India's largest airport service aggregator platform. It has an early mover advantage in the airport services aggregator segment. It claims to control 95 per cent market share in the segment.