Stock Market: Sensex Surges 578 Points, Nifty Tops 17,800 Amid Broad-Based Rally

Stock update: Sun Pharma, Dr Reddy's, IndusInd Bank, Tata Steel, Titan, Bajaj Finserv, ICICI Bank, and Asian Paints were major gainers on the Sensex platform

The two key equity benchmarks, Sensex and Nifty, on Tuesday, extended their gains for the second straight day with the Nifty rallying over 1 per cent amid across-the-board buying and recovery in the US and Asian markets. Apart from this, foreign fund inflows also added to the momentum.

The 30-share BSE Sensex jumped 578 points (0.98 per cent) to settle at 59,719. During the day, it rallied 964 points (1.63 per cent) to 60,105. On the other hand, the NSE Nifty went up by 194 points (1.10 per cent) to end at 17,816. In intra-day trade, it advanced 297 points (1.68 per cent) to 17,919.

On the 30-share Sensex platform, Sun Pharma, Dr Reddy's, IndusInd Bank, Tata Steel, Titan, Bajaj Finserv, ICICI Bank, and Asian Paints were the major leaders. On the flip side, Nestle, Power Grid, Infosys, and Reliance Industries Limited were the prime losers.

In the broader markets, the Nifty MidCap and SmallCap indices added up to 1.4 per cent.

Sectorally, the broad-based rally was led by the Nifty Pharma index, which rose nearly 3 per cent today. Besides, the Nifty Auto and Private Bank indices advanced 1.7 per cent each. The Nifty PSU Bank index eked out the least gains as it edged 0.5 per cent higher.

In the previous session on Monday, the BSE benchmark ended 300 points (0.51 per cent) higher at 59,141, while the broader Nifty went higher by 91 points (0.52 per cent) to 17,622.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong ended higher. European equity markets were trading in the negative territory in mid-session deals. The US markets ended with gains on Monday.

The international oil benchmark Brent crude climbed 0.49 per cent to $92.45 per barrel.

Foreign institutional investors (FIIs) turned buyers as they bought shares worth a net Rs 312.31 crore on Monday, according to data available with the BSE.

Meanwhile, the rupee consolidated in a narrow range and settled 7 paise higher at 79.74 (provisional) against the US dollar on Tuesday, as investors await the US Fed's policy statement for further cues. It finally ended at 79.74, up 7 paise from its previous close of 79.81.