Stock Market: Sensex Gains 550 Points, Nifty Ends Near 17,500. Banking Stocks Surge

Stock update: State Bank of India was the biggest gainer, jumping 3.41 per cent, followed by ITC, Nestle India, Bharti Airtel, IndusInd Bank, L&T, M&M, and Reliance Industries on the Sensex platform

In the broader market, BSE Midcap gauge jumped 1.06 per cent, while Smallcap index climbed 0.71 per cent.

Source : Getty

Sensex and Nifty, the two key equity benchmarks, on Tuesday rallied for the third day amid robust global market trends and buying in energy, banking, and FMCG counters.

The 30-share BSE Sensex jumped 550 points (0.94 per cent) to settle at 58,960. During the day, it zoomed 732 points (1.25 per cent) to 59,143. On the other hand, the broader NSE Nifty surged 175 points (1.01 per cent) to end at 17,486.

On the 30-share Sensex platform, State Bank of India (SBI) was the biggest gainer, jumping 3.41 per cent, followed by ITC, Nestle India, Bharti Airtel, IndusInd Bank, L&T, M&M, and Reliance Industries. On the flip side, only five constituents finished in the red, HDFC, NTPC, Tech Mahindra, Sun Pharma, and HDFC Bank, slipping up to 0.72 per cent.

In the broader market, BSE Midcap gauge jumped 1.06 per cent, while Smallcap index climbed 0.71 per cent.

#StockMarket | Indian equity benchmarks closed in green on Tuesday

At 03:30, #Sensex rose by 550 points to 58,961 & #Nifty by 175 points to 17,487

Here's a look at the stocks in focus:#ClosingBell pic.twitter.com/b1zdVEAZYg

— ABP LIVE (@abplive) October 18, 2022

All BSE sectoral indices ended in the green, with capital goods climbing 1.97 per cent, realty jumping 1.76 per cent, industrials (1.71 per cent), auto (1.50 per cent), power (1.46 per cent), utilities (1.46 per cent), FMCG (1.22 per cent), and energy (1.13 per cent).

Shares of public sector undertaking (PSU) banks were trading higher for a third straight day, with the Nifty PSU Bank index surging 7 per cent in the past two trading days on the NSE.

“The Indian market is sustaining its gains due to favourable global and domestic cues. Home-grown positivity is the downward trend of crude prices and upside prospects to Q2 corporate earnings. Notably too, RBI's confidence that headline inflation has peaked in September and henceforth will decline is taken cheerfully by the financial market, providing upside to banks," said Vinod Nair, head of research, Geojit Financial Services.

Other Asian markets in Seoul, Tokyo and Hong Kong ended with gains, while Shanghai settled lower. Stock exchanges in Europe were trading in the positive territory in mid-session deals. Wall Street had ended significantly higher on Monday.

International oil benchmark Brent crude was trading 0.65 per cent lower at $91.02 per barrel.

Meanwhile, the rupee pared its initial gains to close 7 paise down at 82.37 (provisional) against the US dollar in muted trade on Tuesday.

Foreign institutional investors (FIIs) remained net sellers in the Indian capital market on Monday as they offloaded shares worth Rs 372.03 crore, as per exchange data.