Sensex climbs 497 points; tech, metal stocks rally on value buying

The Indian equities markets key indices gained smartly on Tuesday, a day after massive selloffs. The benchmark Sensex closed 497 points higher while Nifty gained around one per cent.

The relief rally was led by technology and metal stocks. Tech giants HCL Technologies and Wipro surged around 4 per cent. Tata Steel, which had slumped around 5 per cent on Monday, rebounded smartly gaining around 3 per cent.

The 30 stock S&P Sensex of the Bombay Stock Exchange, which had lost 2,079 points in the previous two sessions, closed at 56,319.01 points, 0.89 per cent or 497 points higher than its previous day close at 55,822.01 points.

The Sensex witnessed volatile trading with positive bias. The benchmark Sensex opened on a strong positive note at 56,320.02 points and rallied to a high of 56,900.74 points in the intra-day.

The broader Nifty 50 of the National Stock Exchange also closed sharply higher after consecutive sessions of loss. The Nifty 50 closed 0.94 per cent or 156.65 points higher at 16,770.85 points. The Nifty touched a high of 16,936.40 points and low of 16,688.25 points in the intra-day.

IT stocks HCL Technologies and Wipro were the two gainers. HCL Technologies surged 3.91 per cent to Rs 1205.25 and Wipro rallied 3.66 per cent to Rs 690.75. Tata Steel 2.98 per cent higher at Rs 1104.90; Titan 2.35 per cent higher at Rs 2292.25; Tech Mahindra 2.29 per cent higher at Rs 1635.45; UltraTech Cement 2.24 per cent higher at Rs 7325.35 and Sun Pharma 1.93 per cent higher at Rs 778.25 were among the major Sensex gainers.

Only 7 of the 30 scrips that are part of the Sensex closed in the red. Power Grid Corporation slumped 1.50 per cent to Rs 206.65. Axis Bank 1.31 per cent down at Rs 665.95; Bajaj Finance 0.82 per cent down at Rs 6579.45; State Bank of India 0.75 per cent down at Rs 445.85 and Mahindra & Mahindra 0.58 per cent down at Rs 812.30 were among the major Sensex losers.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor