Sensex jumps over 500 pts as drop in oil prices, rally in global markets calm investors’ sentiment

Mumbai: Stock market benchmark indices Sensex and Nifty ended higher on Tuesday, as a drop in crude oil prices and a rally in global markets calmed investors’ sentiment.

Also, buying in IT stocks aided recovery in the markets after early losses.

The 30-share BSE Sensex jumped 509.73 points, or 0.69 per cent, to settle at 74,616.58. During the day, it hit a high of 74,686.32 and a low of 73,282.41, gyrating 1,403.91 points.

The 50-share NSE Nifty climbed 155.40 points, or 0.68 per cent, to end at 23,123.65.

From the 30-Sensex firms, Tata Consultancy Services, HCL Tech, Infosys, Bharti Airtel, Sun Pharma, and Hindustan Unilever were among the major gainers.

InterGlobe Aviation, Adani Ports, Mahindra & Mahindra, and Titan were among the laggards.

Brent crude, the global oil benchmark, dropped 0.71 per cent to $109 per barrel.

“The domestic market extended its recovery trend, although the session opened on a weak note amid elevated crude prices and caution ahead of Trump’s deadline for Iran. Gains remained largely confined to IT, FMCG, and metal, while broader market breadth stayed weak, reflecting persistent caution,” Vinod Nair, Head of Research, Geojit Investments Ltd, said.

Sectorally, BSE-Focused IT jumped 2.46 per cent, IT (2.37 per cent), realty (1.70 per cent), metal (1.55 per cent), commodities (0.83 per cent), hospitals (0.83 per cent) and FMCG (0.71 per cent).

PSU banks, consumer durables, services, BSE MidSmall Private Banks Quality Tilt and consumer discretionary were the laggards.

A total of 2,671 stocks advanced while 1,555 declined and 155 remained unchanged on the BSE.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,167.17 crore on Monday, according to exchange data.

Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 8,088.70 crore.

On Monday, the Sensex jumped 787.30 points, or 1.07 per cent, to settle at 74,106.85. The Nifty edged higher by 255.15 points, or 1.12 per cent, to end at 22,968.25.