Stock Market: Sensex Jumps 567 Points; Nifty Near 19,700. Realty Rises 4 Per Cent

Stock update: On the 30-share Sensex platform, Airtel, Kotak Bank, Tata Motors, JSW Steel, M&M, TechM were among the lead gainers. IndusInd Bank, TCS, and Titan were the only three laggards

The two key equity benchmarks, Sensex and Nifty, on Tuesday closed higher amid buying across the sectors. The domestic indices were seen trading with a positive bias since morning tracking robust gains in the Asian markets. The S&P BSE Sensex zoomed 567 points to 66,079. On the other hand, the NSE Nifty50 quoted 19,690, up 178 points.

On the 30-share Sensex platform, Airtel, Kotak Bank, Tata Motors, JSW Steel, M&M, TechM were among the lead gainers. On the downside, IndusInd Bank, TCS, and Titan were the only three laggards on Tuesday. Among specific stocks, Mazagon Dock Shipbuilders surged 7 per cent on signing LOI with European client.

In the broader markets, the BSE Midcap and Smallcap indices rose 1 per cent each, respectively.

Sectorally, all the indices closed in the green, with realty index rose 4 per cent, while Information Technology, power, auto, metals, and PSU Bank jumped 1-2 per cent each.

In the previous session on Monday, the S&P BSE Sensex plunged 483 points to close at 65,512, while NSE Nifty50 settled at 19,512, down 141 points.

"The Indian market completely recovered yesterday’s losses, which were mainly due to the Hamas-Israel conflict. Moderation in crude prices and positive global cues on account of dovish remarks from Fed officials, which restrained US bond yields, aided the rebound," Vinod Nair, Head of Research at Geojit Financial Services said. The domestic market's primary focus is currently on the approaching result season, with optimistic expectations on earnings, Nair added.

Global markets advanced on expectations of stable interest rates. In Asian trading, Tokyo's Nikkei 225 gained 2.4 per cent, the Hang Seng in Hong Kong rose 0.8 per cent, and the S&P/ASX 200 in Australia advanced 1 per cent. In Europe, Germany's DAX jumped 1.6 per cent, the CAC 40 in Paris by 1.4 per cent and Britain's FTSE 100 gained 1.5 per cent. The US dollar index dropped 0.24 per cent to 105.83 while Brent Crude prices declined 0.25 per cent to $87.93 per barrel.

On Monday, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 997.76 crore, according to data available with the BSE.

Meanwhile, the rupee gained 4 paise to settle at 83.24 (provisional) against the US dollar on Tuesday, as a rally in domestic equity markets boosted investor sentiment. However, elevated crude prices in the overseas markets and safe-haven dollar buying amid concerns over the conflict in the Middle East weighed on the domestic currency, forex traders said.

At the interbank foreign exchange, the rupee opened at 83.23 and traded in the narrow range of 83.22 to 83.26 against the greenback. It finally settled at 83.24 (provisional), registering a gain of 4 paise over its previous close. On Monday, the rupee slipped 1 paise to settle at 83.28 against the US dollar.