Stock Market: Sensex Gains 261 Points; Nifty Ends Above 19,800 On Firm Cues. Power Up 1%

Stock update: On the 30-share Sensex platform, PowerGrid, Kotak Bank, TechM, ITC, NTPC, Bajaj Finserv emerged gainers. Tata Motors, L&T, IndusInd Bank, TCS, JSW Steel, Maruti were among the losers

In broader markets, the BSE Midcap and Smallcap indices gained 0.39 per cent and 0.7 per cent, respectively.

The two key equity benchmarks, Sensex and Nifty, on Tuesday snapped their three-day losing run and closed in the green on firm global cues. The S&P BSE Sensex surged 261 points to end at 66,428. On the other hand, the NSE Nifty50 shut shop at 19,812, up 80 points. The index hit intraday high of 19,850.

On the 30-share Sensex platform, PowerGrid, Kotak Bank, TechM, ITC, NTPC, Bajaj Finserv emerged gainers. On the downside, Tata Motors, L&T, IndusInd Bank, TCS, JSW Steel, Maruti were among the losers.

#ABPStockMarketWatch | Sensex and Nifty snapped their three-day losing run and closed in the green, on Tuesday

At 4:35 PM, Sensex rose by 261 points to 66,428 and Nifty by 80 points to 19,812 points

Here's a look at the stocks in focus:#ABPLive #ClosingBell #MarketWatch pic.twitter.com/5Clff8xuTe

— ABP LIVE (@abplive) October 17, 2023

In broader markets, the BSE Midcap and Smallcap indices gained 0.39 per cent and 0.7 per cent, respectively.

All the sectoral indices ended in the green, with power index rose 1 per cent. FMCG, PSU Bank, metal and oil & gas also added 0.5 per cent each.

In the previous session on Monday, the S&P BSE Sensex closed at 66,167, down 116 points, while the NSE Nifty50 settled at 19,732, down 19 points.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong ended in the positive territory. European markets were trading in the green. The US markets had ended with gains on Monday.

Global oil benchmark Brent crude climbed 0.48 per cent to $90.08 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 593.66 crore on Monday, according to exchange data.

Meanwhile, rupee consolidated in a narrow range and settled for the day higher by 3 paise at 83.24 (provisional) against the US dollar on Tuesday amid a positive trend in domestic equities. Forex traders said the rupee is trading with a slight positive bias on positive domestic markets. However, a strong US dollar and concerns over the ongoing conflict in the Middle East capped sharp gains.

At the interbank foreign exchange market, the local unit opened at 83.24 against the US dollar and moved in a range of 83.22 to 83.26 in the day trade. The rupee finally settled 3 paise higher at 83.24 (provisional) against the previous close. On Monday, the rupee settled at 83.27 against the US dollar.