Listing at a discount of over 8% after a successful initial public offering, LIC made a grand debut on the stock exchanges
Listing at a discount of over 8% after a successful initial public offering, LIC made a grand debut on the stock exchanges
Benchmark equity indices Sensex and Nifty on Tuesday rose over 2.5% to register their best single-day gains in three months, driven by heavy buying in metals, energy and banking stocks amid a global rally in stocks.
The 30-share BSE benchmark ended 1,344.63 points or 2.54% higher at 54,318.47, with all its constituents closing with gains. It jumped 1,425.58 points or 2.69% to 54,399.42 during the day.
The broader NSE Nifty closed 417 points or 2.63% higher at 16,259.30. All 50 stocks edged higher, led by steel and energy stocks.
Both Sensex and Nifty posted their best gains in a single day since February 15.
Tata Steel, Reliance Industries, ITC, Larsen & Toubro, Wipro, ICICI Bank, HCL Technologies and Maruti were the major gainers in the Sensex pack.
S Ranganathan, Head of Research, LKP Securities said, “A brutal bounce off the metals index lifted Reliance along with other sectoral indices, leaving the bears gasping and covering short positions and looking for reasons for the rally.”
Ranganathan said on a day when the wholesale price index for April crossed 15%, the breadth of the rally along with a rise of over 2.5% in the benchmark indices surprised many on the road.
Asian markets in Hong Kong, Seoul, Tokyo and Shanghai ended higher on hopes of an easing of COVID-19 related restrictions by China as the number of cases declined.
Equity exchanges in Europe were trading in the green in the afternoon session.
Stock exchanges in the US closed on a mixed note on Monday.
The country’s largest insurer LIC made a stellar debut on the stock exchanges on Tuesday, listing at over 8% discount after a successful initial public offering (IPO) that fetched ₹20,557 crore to the exchequer.
In the previous trade, the BSE benchmark settled 180.22 points or 0.34% higher at 52,973.84. Nifty closed 60.15 points or 0.38% higher at 15,842.30.
Meanwhile, international oil benchmark Brent crude rose 0.49% to $114.8 per barrel.
Foreign institutional investors continued selling shares worth ₹1,788.93 crore on Monday, according to stock exchange data.