06.10.202604:54:42UTC+00Sensex Extends Gains to Second Day

India’s BSE Sensex rose about 0.3% to 72,606 on Tuesday, extending gains for a second consecutive session as banking and financial stocks advanced on the back of upbeat quarterly updates. Investors also remained focused on the Reserve Bank of India’s upcoming policy decision, with a 25-basis-point rate hike widely anticipated.

Banking counters led the advance. Kotak Mahindra Bank climbed roughly 3.5% after reporting 24.7% year-on-year growth in net advances, while Axis Bank added around 1.5% following a 20.7% increase in deposits and 22.7% growth in gross advances.

Elsewhere, Trent jumped about 9.3% after the apparel retailer projected a 23% year-on-year rise in standalone revenue for the September quarter.

Market sentiment was further underpinned by softer oil prices and fading expectations of aggressive US monetary tightening after weaker US jobs data. However, the rupee remained under pressure, weighed down by higher US Treasury yields and a stronger dollar, prompting the Reserve Bank of India to intervene in the foreign-exchange market to slow its decline.