Stock Market Snaps 2-Day Losing Run: Sensex Surges 600 Points, Nifty Ends Above 17,900. ITC Up 3 Per Cent

Stock update: On the 30-share Sensex platform, ITC, Reliance Industries, ICICI Bank, Bajaj Finance, Infosys, Axis Bank, Wipro, Tech M, M&M, and Bharti Airtel advanced between 1 per cent and 3 per cent

The two key equity benchmarks, Sensex and Nifty, on Tuesday snapped their two-day losing run to end nearly 1 per cent higher. The domestic indices rallied as supportive global cues, ease in wholesale price index (WPI) inflation, and healthy buying in heavyweights lifted investor sentiment.

The S&P BSE Sensex rose 600 points to settle at 61,032. On the other hand, the Nifty50 gained 159 points to end at 17,930.

On the 30-share Sensex platform, ITC, Reliance Industries, ICICI Bank, Bajaj Finance, Infosys, Axis Bank, Wipro, Tech M, M&M, and Bharti Airtel advanced between 1 per cent and 3 per cent. On the flip side, PowerGrid, Maruti, Kotak Bank, Tata Motors, HUL were the only losers.

Among individual stocks, shares of Gautam Adani-led companies continued to reel under pressure, with 6 out of 10 listed shares of the group locked in the 5 per cent lower circuit on the BSE in Tuesday's intra-day trade. Shares of Adani Enterprises (AEL), however, jumped 10 per cent to an intra-day high of Rs 1,889, bouncing 17 per cent from the day's low on the BSE on Tuesday after the company announced its October-December quarter earnings.

Shares of FSN E-Commerce Ventures, the parent firm of fashion and lifestyle direct-to-consumer brand Nykaa, sank 5 per cent to Rs 142 on the BSE in Tuesday's intra-day trade after the company logged a 70.75 per cent decline in consolidated profit to Rs 8.48 crore in Q3.

In the broader markets, the BSE MidCap and SmallCap indices ended up to 0.5 per cent lower.

Sectorwise, the Nifty FMCG, Metal, and PSU Bank indices advanced 1 per cent each, while the Nifty Realty indices dropped 1.8 per cent.

In the previous session on Monday, the S&P BSE Sensex recouped some of the day's losses and eventually settled 251 points lower at 60,432. On the other hand, the NSE Nifty 50 hit a low of 17,720, before settling with a loss of 86 points at 17,771.

Meanwhile, the rupee fell by 12 paise to close at 82.82 (provisional) against the US currency on Tuesday, as market participants remained on the sidelines ahead of the US inflation data. Forex traders said lower crude oil prices, higher domestic equities and weaker dollar index were unable to support the rupee.

At the interbank foreign exchange market, the rupee opened at 82.59 against the greenback, and finally settled for the day at 82.82 (provisional), down 12 paise over its previous close. On Monday, the rupee fell by 12 paise to close at 82.70 against the US currency.

Global oil benchmark Brent crude futures declined 0.81 per cent to $85.91 per barrel.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Monday as they purchased shares worth Rs 1,322.39 crore, according to exchange data.