Market recovers from its lows, Metal records sharp gain
Both the benchmark indices closed the session with positive gains experiencing a notable recovery from its lows on Tuesday.
The Indian stock market’s key indices, Sensex and Nifty, surged by more than 2 per cent on Tuesday led by strong buying support in heavyweights TCS, ITC, HDFC Bank and Reliance Industries amid strong global cues.
The 30 stock S&P BSE Sensex surged 1276.66 points or 2.25 per cent to 58,065.47 points against its previous day’s close at 56,788.81 points.
Tracking buoyancy in the global equities, the Indian equities markets started the day with strong gains on Tuesday.
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The Sensex started the day 57,506.65 points and soared past 58,000 points mark. The Sensex hit a high of 58,099.94 points in the intra-day.
The stock markets witnessed a strong rally after Monday’s slump. The Sensex had lost 638.11 points or 1.11 per cent on Monday.
The broader Nifty 50 of the National Stock Exchange soared 386.95 points or 2.29 per cent to 17,274.30 points against its previous day’s close at 16,887.35 points.
The Nifty had lost 207.00 points or 1.21 per cent on Monday.
Tata Consultancy Services surged 3.58 per cent to Rs 3092.50. Tata Steel soared 2.90 per cent to Rs 101.15. HDFC Bank soared 2.81 per cent to Rs 1452.60. The index heavyweight Reliance Industries Limited jumped 1.63 per cent to Rs 2413.05.
There was strong buying support in banking and financial stocks. IndusInd Bank surged 5.29 per cent to Rs 1217.30. Bajaj Finance jumped 4.23 per cent to Rs 7475. HDFC soared 2.96 per cent to Rs 2350.55. State Bank of India jumped 2.51 per cent to Rs 532.70.
Wipro, Tata Steel, L&T, ITC, Infosys, Axis Bank, Bajaj Finserv, ICICI Bank, Maruti Suzuki, Kotak Bank and Tech Mahindra were among the major Sensex gainers.
Buying support was across the board. Only three of the 30 scrips that are part of the benchmark Sensex closed in the red. Power Grid Corporation slipped 1.07 per cent to Rs 208.50. Sun Pharma and Dr Reddy’s Laboratories also closed in the red.
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