Bourses bounce back on gains in RIL, TCS
Mumbai: Benchmark stock indices Sensex and Nifty made a spirited recovery to close over 1 per cent higher on Tuesday, riding on gains in Reliance Industries, Infosys and TCS amid a recovery in global equities.
After opening lower, the 30-share BSE Sensex had plunged to a day's low of 56,930.30 points on concerns over inflation and growth as India hiked fuel prices after a 137-day hiatus.
However, the barometer rebounded in afternoon trade in line with gains in European and Asian stocks.
The BSE Sensex closed up by 696.81 points or 1.22 per cent at 57,989.30 as 26 of its constituents ended in green.
The broader NSE Nifty climbed 197.90 points or 1.16 per cent to finish at 17,315.50.
Gains in the broader market were marginal compared to the benchmark index, with the BSE midcap index gaining 0.17 per cent and smallcap gauge 0.15 per cent.
Tech Mahindra emerged as the lead gainer with a jump of 3.83 per cent, followed by RIL (2.59 per cent), Bajaj Finserv (2.46 per cent), ITC (2.21 per cent), TCS (2.09 per cent), Kotak Mahindra Bank (1.88 per cent) and Infosys (1.87 per cent).
In contrast, Hindustan Unilever Limited, Nestle India, NTPC, and Sun Pharma were the laggards.
Among BSE sectoral indices, energy (1.96 per cent), oil and gas (1.94 per cent), IT (1.93 per cent) and Teck (1.76 per cent) were the biggest gainers.
State-run oil marketing firms hiked petrol and diesel prices by 80 paise a litre each while domestic cooking gas LPG rates were increased by Rs 50 per cylinder, ending an over four-and-a-half month election-related hiatus in rate revision, fanning inflation
fears.
Meanwhile, international oil benchmark Brent crude dipped 1.57 per cent to $113.8 per barrel.
The rupee pared its initial losses to settle flat at 76.18 against the American currency on Tuesday, tracking a positive trend in domestic equities.
Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 2,962.12 crore on Monday, according to stock exchange data.
