Stock Market Rebounds: Sensex Jumps 450 Points; Nifty Tops 21,900. IT Index Rises 3 Per Cent

Stock update: On the 30-share Sensex platform, HCLTech, Maruti, TCS, Wipro, Infosys, L&T emerged gainers

The two key equity benchmarks, Sensex and Nifty, on Tuesday pared early losses and closed higher, as markets shrugged off apprehensions over a delay in rate cuts by the US Fed. The BSE Sensex settled higher by 455 points at 72,186. On the other hand, the NSE Nifty50 closed at 21,929, up 158 points.

On the 30-share Sensex platform, HCLTech, Maruti, TCS, Wipro, Infosys, L&T emerged gainers. On the down side, PowerGrid, IndusInd Bank, ITC, Kotak Bank, Axis Bank, Bajaj Finserv were among the losers.

In the broader markets, the BSE Midcap and Smallcap indices gained 1 per cent and 1.23 per cent, respectively.

Sectorally, the Nifty IT index jumped 2.88 per cent. Auto, Metal, and Pharma also added over 1 per cent each.

In the previous session on Monday, the S&P BSE Sensex settled 354 points lower to 71,731, while the NSE Nifty50 closed at 21,772, down 82 points.

The RBI Monetary Policy Committee (MPC) headed by governor Shaktikanta Das started its thre-day deliberations on Tuesday. The panel will announce the policy decision on Thursday.

A total of 2,353 stocks advanced, while 1,508 declined and 83 remained unchanged.

In Asian markets, Shanghai and Hong Kong settled with smart gains, while Seoul and Tokyo ended in the negative territory. European markets were trading mostly in the green. The US markets ended lower on Monday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 518.88 crore on Monday, according to exchange data.

Global oil benchmark Brent crude dipped 0.09 per cent to $77.92 a barrel.

Meanwhile, the rupee declined 2 paise to close at 83.05 (provisional) against the US dollar on Tuesday, amid a firm American currency against major currencies overseas. However, positive sentiment in the domestic equity markets and lower global crude prices supported the domestic unit, forex analysts said.

At the interbank foreign exchange, the rupee opened at 83.03 against the dollar and touched the intra-day low of 83.06 against the greenback. The local unit finally settled at 83.05 (provisional) against the US currency, registering a loss of 2 paise from the previous day. The rupee settled 5 paise lower at 83.03 against the dollar on Monday.