Bourses jump over 2% as banking & IT stocks shine

Mumbai: Benchmark indices Sensex and Nifty bounced back on Tuesday to close over 2 per cent higher on buying in banking, metal and IT shares amid positive trends in global equity markets.

The 30-share BSE Sensex spurted 1,276.66 points or 2.25 per cent to settle at 58,065.47 with 27 of its shares ending in green. During the day, it zoomed 1,311.13 points or 2.30 per cent to 58,099.94.

The broader NSE Nifty rallied 386.95 points or 2.29 per cent to end at 17,274.30 as 48 of its constituents advanced.

Equity investors became richer by Rs 5.66 lakh crore as markets bounced back sharply following a recovery in global equities.

The market capitalisation of BSE-listed firms climbed Rs 5,66,318.84 crore to Rs 2,73,92,739.78 crore.

Buying across sectors, led by metal, banking and IT, helped the indices rebound from previous session's losses.

Among the 30-share Sensex pack, IndusInd Bank, Bajaj Finance, Tata Consultancy Services, Bajaj Finserv, HDFC, Tata Steel, Larsen & Toubro, Wipro, HDFC Bank and Axis Bank were the major

winners.

Power Grid, Sun Pharma and Dr Reddy's were the only laggards.

In the broader market, the BSE midcap gauge jumped 2.42 per cent and smallcap index climbed 1.49 per cent.

All the BSE sectoral indices ended in the green, with metal rallying 3.43 per cent, services (3.08 per cent), financial services (2.82 per cent), bankex (2.74 per cent) and IT (2.68 per cent).

The BSE benchmark had tumbled 638.11 points or 1.11 per cent to settle at 56,788.81 on Monday. The Nifty fell by 207 points or 1.21 per cent to end at 16,887.35.

Moreover, the rupee appreciated by 20 paise to end at 81.62 against the US dollar on Tuesday as heavy buying in domestic equities and weakness in the greenback strengthened investor sentiment.

At the interbank forex market, the local unit opened strong at 81.66 against the greenback. It witnessed an intra-day high of 81.36 and a low of 81.66 during the session. It finally ended at 81.62, up 20 paise from its previous close. In the previous session, the rupee had settled paise 42 lower at 81.82 against the dollar.

Meanwhile, the international oil benchmark Brent crude futures climbed 0.78 per cent to 89.55 per barrel.

Foreign institutional investors turned buyers after remaining net sellers in the recent past and bought shares worth Rs 1,344.63 crore on Tuesday, according to data available with BSE.