Markets Rebound On Global Cues, Sensex Surges 650 Points; ICICI Bank, Bajaj Finance Supports The Rally

RIL surged nearly 1 per cent on Tuesday as Saudi Arabia’s sovereign wealth fund, PIF, will pick up a stake in Jio Platforms which would complete 25 per cent of Jio’s equity dilution to the investors.

(Photo by Anshuman Poyrekar/ Getty Images)

New Delhi: After the markets closed nearly 2 per cent lower on Monday, it bounced back on global cues with the 30-stock benchmark Sensex zoomed 650 points to 33,920 levels and the Nifty50 index touched the 10,000 level. The surge was led by top index gainers including ICICI Bank and Bajaj Finance which were up 4 per cent. The 30-stock index Sessex surged with all constituents marked in green. Around 25 companies, including HPCL, NMDC, and Ipca Labs will announce their March quarter earnings.  On Monday, Reliance Industries Limited (RIL) stock hit an all-time-high with the market capitalisation surpassing Rs 10.5 lakh crore along with the RILs rights shares issue which more than doubled the shareholders’ investment. RIL surged nearly 1 per cent on Tuesday as Saudi Arabia’s sovereign wealth fund, PIF, will pick up a stake in Jio Platforms which would complete 25 per cent of Jio’s equity dilution to the investors, according to news agency IANS that quoted a report by the Gulf News. Tata Motors lost 4 per cent after reporting Rs 9,864 cr net loss in March quarter. Rupee opens stronger at 75.87 per US dollar against Monday's close of 76.03 per dollar. Meanwhile, Asian markets rallied on Tuesday as the Federal Reserve’s corporate bond buying programme encouraged investors sentiment. Even Wall Street ended Monday on gains after the US Federal Reserve announced its corporate bond purchasing programme. The Dow Jones Industrial Average rose 157.62 points, or 0.62 per cent, to 25,763.16, the S&P 500 gained 25.28 points, or 0.83 per cent, to 3,066.59 and the Nasdaq Composite added 137.22 points, or 1.43 per cent, to 9,726.02. Australia ASX All Ordinaries jumped 3.47 per cent, Shanghai SE Composite Index advanced 0.79 per cent. Hong Kong's Hang Seng jumped 2.41 per cent, Singapore's SGX Nifty added 2 percent. The gains in the major indices boosted the rally in domestic markets.