Sensex, Nifty up over 2.50%
Benchmark equity indices Sensex and Nifty on Tuesday rose over 2.50 per cent to post their best single-day gains in three months, propelled 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 per cent higher at 54,318.47, with all its constituents closing with gains. During the day, it closed at 54,399.42, up 1,425.58 points or 2.69 per cent.
The broader NSE Nifty closed at 16,259.30, up 417 points or 2.63 per cent. 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.”
WPI inflation at record high
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.
In the previous trade, the BSE benchmark had closed at 52,973.84, up 180.22 points or 0.34 per cent. The Nifty closed at 15,842.30, up 60.15 points or 0.38 per cent.
On the other hand, the rupee fell by 1 paise to end at an all-time low of 77.56 (provisional) against the US dollar.
Meanwhile, international oil benchmark Brent crude rose 0.49 per cent to $114.8 per barrel. Foreign institutional investors continued selling shares worth Rs 1,788.93 crore on Monday, according to stock exchange data.
With PTI inputs