Sensex Logs Biggest Single-Day Rally In 3 Months, Rises 1,344 pts, Nifty Ends Above 16,200
Sensex Logs Biggest Single-Day Rally In 3 Months, Rises 1,344 pts, Nifty Ends Above 16,200
The key benchmark indices extended gains in late trade led by strong gains in index heavyweights ITC and Relinace Industries on Tuesday.

BSE Sensex and Nifty50 clocked their biggest intra-day rally since February 15 on Tuesday as investors indulged in broad-based buying. The key benchmark indices extended gains in late trade led by strong gains in index heavyweights ITC and Relinace Industries on Tuesday. At close, the Sensex was up 1,344.63 points or 2.54 per cent at 54,318.47, and the Nifty was up 417 points or 2.63 per cent at 16,259.30.

The sectoral gains, however, were led by metal stocks with Hindalco (up 10 per cent), Tata Steel and Coal India (7.6 per cent each), and JSW Steel (6 per cent) stealing the show. The Nifty Metal index, thus, closed nearly 7 per cent higher as China — the biggest consumer of industrial products — eased Covid-19 related restrictions.

All other indices, meanwhile ended over 2 per cent higher. In the broader market, the BSE MidCap and Smallcap indcies rose in tandem and added 2.5 per cent and 2.8 per cent, respectively.

Shares of Life Insurance Corporation of India (LIC) listed at Rs 867.20 on the BSE, a 8.6 per cent discount when compared with its issue price of Rs 949 per share offered to qualified institutions and non-institutional buyers. On the National Stock Exchange (NSE), the stock opened at Rs 872, i.e. 8 per cent lower against its issue price. By close, the stock stood at Rs 873 on the BSE.

S Ranganathan, Head of Research at LKP Securities, said: “A ferocious up-move from the Metal Index lifted Reliance together with other sectoral indices in Afternoon Trade today leaving bears gasping and covering short positions and looking out for reasons for the rally. On a day when WPI for April crossed 15 per cent, the 2.7 per cent rise in benchmark indices coupled with the breadth of the rally surprised many on the street despite the move coming after a relentless fall.”

Global Cues

Stocks closed a wobbly day of trading mostly lower on Wall Street Monday, extending a losing streak for markets. The S&P 500 fell 15.88 points, or 0.4 per cent, to 4,008.01. The benchmark index is coming off a six-week losing streak. The Dow Jones Industrial Average eked out a gain, rising 26.76 points, or 0.1 per cent, to 32,223.42. The tech-heavy Nasdaq had a sharp drop. It fell 142.21 points, or 1.2 per cent, to 11,662.79.

Tokyo shares rose in morning trade on Tuesday despite Wall Street stocks finishing mostly lower on weak Chinese economic data. The benchmark Nikkei 225 index opened in negative territory but soon climbed 0.20 per cent, or 51.97 points, to 26,599.02, while the broader Topix index added 0.26 per cent, or 4.90 points, to 1,868.16. The dollar fetched 129.16 yen against 129.08 yen in New York on Monday.

Hong Kong stocks opened higher Tuesday despite Wall Street stocks finishing mostly down on weak Chinese economic data. The Hang Seng Index rose 1.29 per cent, or 256.60 points, to 20,206.81. The Shanghai Composite Index opened down 0.09 per cent, or 2.69 points, at 3,071.06, while the mainland’s second exchange, the Shenzhen Composite Index, sank 0.41 per cent, or 7.88 points, to 1,918.13.

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