Stock Market Closing Bell: Sensex Gains 446 Points, Nifty Above 17,000 Mark. Financial Stocks Lead Rally

Stock Update: On the 30-share Sensex platform, Reliance Industries, Bajaj Finance, Titan, Axis Bank were major gainers. On the flip side, Powergird, HUL, Tech Mahindra, TCS were among the losers

In the broader markets, the S&P BSE Midcap and SmallCap indices closed with gains of up to 0.6 per cent. 

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Sensex and Nifty, the two key equity benchmarks, closed with gains on Tuesday after an uptick in global sentiment. Market investors are now awaiting the US Federal Reserve's policy decision on Wednesday.

At the closing bell, the S&P BSE Sensex surged 446 points, or 0.77 per cent, to settle at 58,075, while the Nifty50 was up the 17,000 mark and ended at 17,107, higher by 119 points or 0.70 per cent.

On the 30-share Sensex platform, Reliance Industries, Bajaj Finance, Titan, Axis Bank, IndusInd Bank, and ICICI Bank were major gainers. On the flip side, Powergird, HUL, Tech Mahindra, TCS, Infosys, and HCL Tech were among the losers.

Among specific stocks, HDFC Life, Reliance Industries, Bajaj Finance, Bajaj Auto, and SBI Life were among the top gainers. On the other hand, losers included HUL, Powergrid, Britannia Industries, Tech Mahindra, and TCS.

In the broader markets, the S&P BSE Midcap and SmallCap indices closed with gains of up to 0.6 per cent. 

 

Sectorwise, the Nifty Bank, PSU Bank, Pvt Bank, and Financial Services indices gained up to 2 per cent. Meanwhile, the Nifty IT, and FMCG indices were down up to 0.8 per cent. The volatility index India VIX declined 5.8 per cent. 

In the previous session on Monday, the S&P BSE Sensex closed down 360.95 points or 0.62 per cent at 57,628.95, and the Nifty was down 111.65 points or 0.65 per cent at 16,988.40. 

Following measures by US banks and the Swiss government, banking stocks in Europen rose 1 per cent on Tuesday. Investors are also hoping for less aggressive action from the US Federal Reserve at this week's policy meeting. Today, US Federal Bank is starting a two-day meeting. Traders expect the US Fed to go ahead with another rate hike Wednesday but think it might be held to 0.25 percentage points, down from the 0.5 points previously expected.

By 08:09 GMT, the pan-European STOXX 600 index was up 0.9 per cent, extending gains made on Monday. US stock futures were also up around 0.5 per cent with S&P 500, Dow Jones Industrial Average, and Nasdaq composite trading in green. Asian markets also rose on Tuesday

The Rupee ended largely flat at 82.65 per dollar against the previous close of 82.63.

At the interbank foreign exchange, the domestic unit opened at 82.54 against the dollar. During the day, it went as high as 82.53 and hit the lowest level of 82.70. It finally settled at 82.66 (provisional) against the dollar, registering a fall of 10 paise against its previous close.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent higher at 103.30.

Global oil benchmark Brent crude futures rose by 0.98 per cent to $74.51 per barrel.

According to exchange data, foreign Institutional Investors (FIIs) remained net sellers in the domestic capital market on Monday as they offloaded shares worth Rs 2,545.87 crore.