Sensex rebounds 514 points; Nifty reclaims 17,500 mark
(Sourced from PTI)
Equity benchmark Sensex rallied 514 points on Tuesday, led by gains in Infosys, Bajaj Finance and ITC amid a supportive trend in global markets. The 30-share Sensex ended 514.34 points or 0.88 percent higher at 59,005.27. Similarly, the NSE Nifty surged 165.10 points or 0.95 percent to 17,562. Bajaj Finance was the top gainer in the Sensex pack, rising around five percent.
Among the top gainers, Bajaj Finance was followed by IndusInd Bank, Tata Steel, ITC, Bajaj Finserv, Tech Mahindra, and Infosys. Maruti, Bajaj Auto, Nestle India, PowerGrid, and Axis Bank were among the laggards. "Domestic benchmark indices witnessed sharp recovery mainly led by a brisk rebound in defensive sectors like IT, pharma, and FMCG," said Binod Modi, Head - Strategy at Reliance Securities.
"Further, Nifty metal also witnessed a strong rebound as investors utilized steep correction in metal stocks as an opportunity to buy in dips," he said, adding that positive cues from global equities also supported market recovery. Yesterday at closing, Sensex had ended 524.96 points or 0.89 percent lower at 58,490.93. Nifty, on the other hand, had tumbled 188.25 points to close at 17,396.90.
In early trade today, Sensex had jumped over 250 points, tracking gains in index majors Infosys, HUL and TCS amid sustained foreign fund inflow.
Elsewhere in Asia, Hang Seng ended on a positive note, while Nikkei was in the red. On the other hand, Bourses in China and South Korea were closed for holidays. Stock exchanges in Europe rallied over one percent in the afternoon trade. Meanwhile, international oil benchmark Brent crude rose 0.96 percent to $74.63 per barrel.