Sensex Zooms 697 Points, Nifty Settles At 17,316; Reliance Surges 2.5%

In the broader market, the BSE Midcap and Smallcap indices eked out minor gains of 0.2 per cent each

Reliance Industries was among the top gainers, rising 2.5 per cent on the Sensex. The stock hit an over 2-month high of Rs 2,535 before settling at Rs 2,530. Image: Getty

New Delhi: The key equity benchmarks, Sensex and Nifty, on Tuesday rebounded sharply during the late-hour trading after languishing in the negative zone for a better part of the day.

The indices started on a weak note during the opening bell and declined heavily because of surging crude prices and global sentiments. Solid buying in IT and auto stocks have pulled the bourses higher during the later part of the day.

The 30-share BSE Sensex rose 697 points (1.22 per cent) to close at 57,989, while the broader NSE Nifty moved 198 points (1.16 per cent) higher to settle at 17,316.

In the broader market, the BSE Midcap and Smallcap indices eked out minor gains of 0.2 per cent each.

On Tuesday’s trade, Reliance Industries was among the top gainers, rising 2.5 per cent on the Sensex. The stock hit an over 2-month high of Rs 2,535 before settling at Rs 2,530.

Tech M, Tata Motors, BPCL, ITC, JSW Steel, PowerGrid, Bajaj Auto, Infosys, TCS, Kotak Bank, Bajaj Finserv, Bharti Airtel, Wipro, and IndusInd Bank were the other gainers, up in the range of 1 per cent to 4 per cent.

On the flipside, HUL, Nestle India, Britannia, and Cipla were the top losers, sinking between 2 per cent and 3 per cent.

Out of the 15 sector gauges, 10 gauges, compiled by NSE, ended in the green. Nifty IT and Nifty Auto outperformed the index by rising as much as 1.96 per cent and 1.19 per cent, respectively. However, Nifty FMCG and Nifty Consumer Durables tanked as much as 0.73 per cent and 0.71 per cent, respectively.

"The domestic market started with a negative bias taking cues from rising crude prices and hawkish signals from Fed on aggressive policy tightening. However, the trend reversed as European markets opened on a positive note buoyed by hope that Ukraine may consider working towards a truce," Vinod Nair, head of research at Geojit Financial Services, told the PTI.

On the previous day’s trading, the Sensex slumped 571 points to end at 57,292. The Nifty declined by 169 points to finish at 17,117.

Exchanges in Shanghai, Seoul, Hong Kong, and Tokyo ended with significant gains. Stock exchanges in the US ended on a negative note in the overnight session.

Meanwhile, international oil benchmark Brent crude dipped 1.57 per cent to $113.8 per barrel.

Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 2,962.12 crore on Monday, according to stock exchange data.