Business

Sensex Recovers On Late Purchases, Up 697 Points, Nifty Reaches Over 17,300


Sensex and Nifty, which started weak, soared preceded by purchases in IT and auto stocks.

New Delhi:

The benchmark Indian equity index recovered from daily losses during late trading to end higher on Tuesday. The domestic bourse, which started weak, surged led by purchases in information technology and car stocks despite weak global indicators.

US Federal Reserve Chairman Jerome Powell hinted at a 50 basis point (bps) rate hike and crude oil trading above $ 110 a barrel due to the Russia-Ukraine conflict.

Homeland, 30 shares of BSE Sensex jumped 697 points or 1.22 percent to close at 57,989, while the broader NSE Nifty rose 198 points or 1.16 percent higher to close at 17,316.

Medium and small -cap stocks closed stronger as the Nifty Midcap 100 index and small -cap stocks rose 0.28 percent each.

10 out of 15 sector gauges – compiled by the National Stock Exchange – end in green. Nifty IT and Nifty Auto outperformed the index by rising by 1.96 percent and 1.19 percent, respectively. However, Nifty FMCG and Nifty Consumer Durables declined by 0.73 per cent and 0.71 per cent respectively.

In terms of specific stocks, Tech Mahindra was the top Nifty gainer as the stock zoomed 4.19 per cent to Rs 1,541.75. BPCL, Tata Motors, Reliance Industries and Bajaj Finserv are also among the beneficiaries.

The overall market size remained slightly negative as 1,638 stocks rose while 1,773 declined on the BSE.

On the BSE 30 -stock index, TechM, RIL, Bajaj Finserv, ITC, TCS and IndusInd Bank are among the most profitable.

In contrast, HUL, Nestle India, Sun Pharma, NTPC and Asian Paints are in the red.

Agrasmartcity

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