Sensex Jumps 934 Points In Relief Rally, Nifty Reclaims 15,600; Wall Street In Focus
Indian equity benchmarks on Tuesday extended their gains for the second straight session, led by a strong rebound across all sectors. The much-needed relief rally for the domestic indices came on the heels of positive cues from the global markets.
Asian stocks and Wall Street futures rose as the market took stock after a recent steep sell-off. U.S. markets, which were closed on Monday for a holiday, looked set for a higher opening, with S&P 500 e-mini share futures climbing 1.89 per cent and Nasdaq e-mini share futures advancing 1.99 per cent.
Although, worries that aggressive central bank rate hikes to curtail inflation could spark a global recession remain.
Back home, the 30-share BSE Sensex surged 934 points or 1.81 per cent to close at 52,532 today, while the broader NSE Nifty moved 289 points or 1.88 per cent up to settle at 15,639.
Mid- and small-cap shares finished on a strong note as Nifty Midcap 100 rose 3.56 per cent lower and small-cap jumped 3.42 per cent.
All the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the green. Sub-indexes Nifty Oil & Gas, Nifty Consumer Durables, Nifty IT and Nifty Metal outperformed the platform by rising as much as 4.83 per cent, 3.39 per cent, 3.13 per cent and 3.97 per cent, respectively.
On the stock-specific front, Titan was the top Nifty gainer as the stock soared 6.03 per cent to Rs 2,079.95. Hindalco, Coal India, JSW Steel and Tata Motors were also among the gainers.
The overall market breadth stood positive as 2,497 shares advanced while 837 declined on BSE.
On the 30-share BSE index, Titan, SBI, TCS, HCL Tech, Dr Reddy's, Tata Steel, Wipro, Infosys, ITC, Tech Mahindra, L&T and NTPC were among the top gainers.
Also, shares of Life Insurance Corporation of India (LIC), the country's biggest insurer and largest domestic financial investor, rose 0.61 per cent to close at Rs 665.30.
In contrast, Nestle India finished in the red.