Sensex soars above 1,564 pts, Nifty above 17,750; financial stocks steal the show


Sensex jumps over 1,600 pts

Mumbai: The ESB Sensex gauge jumped over 1,564 points to end above the key level of 59,500 and the NSE Nifty resumed the 17,750 mark on Tuesday, helped by a massive rally mainly in financial, IT stocks and consumer goods.

Opening the session on a positive note, the Sensex reinforced its gains as the trade progressed during the day and reached a high of 59,600. The benchmark eventually closed the session at 1,564 points or 2.70 % higher at 59,537 – the biggest one-day gains for the index since May 20.

Similarly, the NSE Nifty jumped 446 points or 2.58% to close at 17,759.

On the Sensex chart, all stocks closed with moderate to large gains. Bajaj Finserv, Bajaj Finance, IndusInd Bank, Tech Mahindra and ICICI Bank emerged as the top gainers, rising 5.5%.

BSE’s largecap, midcap and smallcap indices increased by 2.6%.

“Today’s rebound indicates the resilience of the domestic economy relative to its global counterparts. Although markets are currently at higher valuations, continued support from overseas investors has helped domestic equities edge higher. sectors in step with the progress of the national economy should be able to do well relative to others,” said Vinod Nair, head of research at Geojit Financial Services.

Elsewhere in Asia, stocks ended mixed as Shanghai and Hong Kong ended in the red. While Japan and South Korea closed with gains. European stocks were trading mixed in early trades.

The Indian rupee rose 48 paise to trade at 79.43 against the US dollar, posting one of its biggest single-day gains this year.

Oil prices were flat on Tuesday as the market balanced supply concerns with fears that an inflation-induced weakening of global economies could dampen demand for fuel.

Brent crude futures for October settlement fell 9 cents, or 0.09%, to $105 a barrel, after climbing 4.1% on Monday, the biggest gain in more than a year. month.


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