Stock Market Today: Sensex Jumps 480 Points; Nifty Around 21,750. Bank Stocks Gain

Stocks update: On the 30-share Sensex platform, ICICI Bank, Axis Bank, Wipro, NTPC, Kotak Bank, TechM emerged in the gains. On the down side, ITC, Tata Motors, Titan, M&M, and UltraCemco ended lower

The two key equity benchmarks, Sensex and Nifty, on Tuesday closed higher amid volatility. The S&P BSE Sensex jumped 483 points higher at 71,555. On the other hand, NSE Nifty50 shut shop at 21,743, up 127 points.

On the 30-share Sensex platform, ICICI Bank, Axis Bank, Wipro, NTPC, Kotak Bank, TechM emerged in the gains. On the down side, ITC, Tata Motors, Titan, M&M, and UltraCemco ended lower.

In the broader markets, the BSE Midcap and Smallcap indices closed 0.6 per cent and 0.18 per cent higher, respectively.

Sectorwise, the Nifty Metal index declined over 1.9 per cent, followed by the Nifty Media index (down 0.2 per cent). On the other hand, the Nifty Bank, Financial Services, PSU Bank, and Private Bank indices gained over 1 per cent each.

In the previous session on Monday, the S&P BSE Sensex index declined 523 points to end at 71,072, while the NSE Nifty50 closed at 21,616, down 166 points.  

In Asia, Tokyo's Nikkei 225 and China's Shanghai settled in green while Hong Kong's Hang Seng was in the red. European markets were in the red with CAC 40 of France and DAX of Germany declining 0.32 per cent and 0.62 per cent, respectively. The US market ended Monday's session on a mixed note.

Global oil benchmark Brent crude rose 0.78 per cent to $82.64 a barrel on Tuesday.

On Monday, Sensex settled 523 points or 0.73 per cent lower at 71,072.49 points while the Nifty closed 166.45 points or 0.76 per cent down at 21,616.05 points.

Foreign Institutional Investors (FIIs) were net buyers as they bought equities worth Rs 126.60 crore, according to exchange data.

Meanwhile, the Indian rupee ended flat at 83 against the US dollar on Tuesday, as the support from a rally in domestic equities was negated by a strong greenback overseas and rising crude oil prices. At the interbank foreign exchange, the rupee opened at 83 against the dollar, and touched an intraday high of 82.98 and a low of 83.02.

The rupee finally settled at 83.00 (provisional), unchanged from its previous close. On Monday, the rupee appreciated 7 paise to close at 83 against the US dollar.