Sensex Snaps Two-Day Losing Streak, Surges Over 500 Points; Nifty Ends Above 17,550

JSW Steel was top Nifty gainer, the stock rose 6 per cent to close at Rs 671.

The Indian equity benchmarks snapped their two-day losing streak on Tuesday led by gains in Infosys, ITC, Bajaj Finance, HDFC, Tata Consultancy Services and Reliance Industries. Earlier in the day, the benchmarks traded in a narrow band owing to weak cues from Asian markets. However, with positive trend in the European markets and US stock futures, Indian equities jumped in afternoon trading. The Sensex rose as much as 852 points from the day’s lowest level to hit an intraday high of 59,084.51 and Nifty 50 index touched an intraday high of 17,578.

The Sensex advanced 514 points to close at 59,005 and Nifty 50 index climbed 165 points to end at 17,562.

European markets were trading higher with Germany’s DAX up 1.5 per cent, England’s FTSE 100 advancing 1.2 per cent and France’s CAC 40 index rising 1.44 per cent. US stock futures also rose 0.6 per cent indicating a strong start for US markets.

Back home, thirteen of 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Realty index’s nearly 4 per cent gain.

Nifty Pharma, Metal, Media, Information Technology, FMCG and Financial Services indexes also rose between 0.8-2.6 per cent.

On the other hand, Nifty Auto and Consumer Durable indices closed lower.

Mid- and small-cap shares ended on a mixed note as Nifty Midcap 100 index rose 0.74 per cent and Nifty Smallcap 100 index ended marginally lower.

Among the individual shares, Oil and Natural Gas Corporation (ONGC) rose as much as 5.83 per cent to hit fresh 52-week high of Rs 136 on the BSE following surge in crude oil prices in the international market.

JSW Steel was top Nifty gainer, the stock rose 6 per cent to close at Rs 671. Bajaj Finance, IndusInd Bank, Tata Steel, Bajaj Finserv, ITC, UPL, Tech Mahindra, Cipla, HCL Technologies, Infosys, Hindalco and Dr Reddy’s Labs also rose between 1.5-5 per cent.

On the flipside, Maruti Suzuki, Bharat Petroleum, Hero MotoCorp, Bajaj Auto, Nestle India, Power Grid, HDFC Bank and Britannia Industries were among the losers.

The overall market breadth was neutral as 1,615 shares ended higher while 1,612 closed lower on the BSE.

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