Sensex Surges 1,277 Points, Nifty Ends Above 17,250 As Markets Rebound On Strong Global Markets

The Indian equity benchmarks staged a strong bounce back on Tuesday on the back of a broad-based buying interest mirroring gains in global equity markets. The Sensex climbed as much as 1,311 points and Nifty 50 index touched an intraday high of 17,287. HDFC Bank, ICICI Bank, Reliance Industries, Infosys, HDFC, Tata Consultancy Services, Bajaj Finance and ITC were among the top movers in the Sensex.

The 30-share BSE Sensex advanced 1,277 points or 2.25 per cent to settle at 58,065 and NSE Nifty 50 index rallied 387 points or 2.29 per cent to end at 17,274.

Among the 30-share Sensex pack, IndusInd Bank, Bajaj Finance, Tata Consultancy Services, Bajaj Finserv, HDFC, Tata Steel, Larsen & Toubro, Wipro, HDFC Bank and Axis Bank were the major winners.

Power Grid, Sun Pharma and Dr Reddy's were the only laggards.

Buying was visible across the board as all the 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Private Bank index’s over 3 per cent gain. Nifty PSU Bank, Metal, Bank, IT, Financial Services, Realty and Auto indices also rose between 2-3 per cent.

Mid- and smallcap shares also witnessed strong buying interest as Nifty Midcap 100 surged 2.66 per cent and Nifty Smallcap 100 index rose 1.76 per cent.

Elsewhere in Asia, markets in Seoul and Tokyo ended higher after a rally in US shares after some weak economic data raised hopes that the Federal Reserve might ease away from aggressive interest rate hikes.

Stock exchanges in Europe were trading in the positive territory in mid-session deals. The US markets ended significantly higher on Monday.

The BSE benchmark had tumbled 638.11 points or 1.11 per cent to settle at 56,788.81 on Monday. The Nifty fell by 207 points or 1.21 per cent to end at 16,887.35.

Meanwhile, the international oil benchmark Brent crude futures climbed 0.78 per cent to 89.55 per barrel.

Foreign institutional investors turned buyers after remaining net sellers in the recent past and bought shares worth Rs 590.58 crore on Monday, according to data available with BSE.

The overall market breadth was extremely positive as 2,580 shares ended higher while 855 closed lower on the BSE.