Sensex rallies 584 points to close above 51K mark

Sensex rallies 584 points to close above 51K mark

Mumbai: Benchmark BSE Sensex rallied 584 points to close above the 51,000-level in a volatile session on Tuesday as private banks, IT and consumer goods stocks advanced amid positive global cues.

The 30-share BSE barometer ended 584.41 points or 1.16 per cent higher at 51,025.48 with 19 of its constituents ending in the green.

The index had opened higher at 50,714.16 but pared gains to hit an intra-day low of 50,396.10 in mid-session due to profit booking in energy and infra stocks. However, positive global cues, a fall in US bond yields and gains in US Futures helped the index rebound and close above the 51,000 level.

The broader NSE Nifty surged by 142.20 points or 0.95 per cent to close at 15,098.40 with 24 of its stocks advancing.

The 50-issue index touched a high of 15,126.85 and a low of 14,925.45 in the day trade.

Among Sensex stocks, Kotak Bank rose the most by 3.35 per cent. HDFC Bank spurted by 2.85 per cent while mortgage major HDFC advanced 2.68 per cent. ICICI Bank rose by 2.8 per cent. Tech Mahindra, Bajaj Finance, Asian Paints, Infosys, HUL and TCS also gained.

On the other hand, PowerGrid, ONGC, NTPC and Dr Reddy's were among the laggards.In the broader market, midcap and smallcap indices declined by 0.66 per cent and 0.41 per cent as investors opted to book profit after the recent run-up in these stocks.

Among sectoral indices, BSE bankex, finance, IT, teck, consumer durables and FMCG indices ended with gains, while metal, oil and gas, utilities, realty and power were in the red. Elsewhere in Asia, bourses in Hong Kong and Tokyo ended on a positive note, while Shanghai and Seoul were in the red.Stock exchanges in Europe were trading with gains in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.72 per cent higher at $68.73 per barrel.

On currecny front, ending its three-day losing run, the rupee on Tuesday spurted by 32 paise to close at 72.93 against the US dollar on the back of a rally in domestic stocks and the greenback retreating from three-month highs in global markets. At the interbank forex market, the local unit opened at 73.16 against the greenback and witnessed an intra-day high of 72.91 and a low of 73.25. It finally ended at 72.93 against the American currency, registering a rise of 32 paise over its previous closing.

In the past three sessions to Monday, the local currency had dropped by 53 paise or 0.73 per cent amid rising US bond yields and a stronger dollar.

Foreign institutional investors were also net sellers in the capital market as they offloaded shares worth Rs 1,494.49 crore on Monday, according to exchange data.

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