Sensex up 1,277 pts, ends above 58K; Nifty tops 17,250; banks, metals lead

CLOSING BELL: IndusInd Bank, Bajaj Finance, TCS, HDFC, Bajaj Finserv, Tata Steel, HDFC Bank, Wipro, L&T, Axis Bank, ITC, SBI, and Infosys were the top Sensex gainers

bull, markets, shares, stocks, bse, growth, sensex, nse

CLOSING BELL

Stock market highlights: A global rebound in market sentiment propelled domestic equities higher on Tuesday. The S&P BSE Sensex gained 1,277 points, or 2.25 per cent, to settle at 58,065. It had touched an intra-day high of 58,100.

On the NSE, the Nifty50 shut shop at 17,274, up 387 points or 2.29 per cent. The index neared 17,300-mark in the intra-day deals.

ALSO READ: Top 4 factors behind Tuesday's bull run

"Indices surged over 2 per cent buoyed by positive global cues, and encouraging quarterly updates on advances, and collections from banks during the second quarter. Ahead of the festive season, the Street is optimistic on retail demand across segments. Participation of the IT sector today lent ammunition to the Bulls as almost all sectoral indices ended in the green. Positive tailwinds back home, amid gloom elsewhere in the globe, left Bears stranded today as the Sensex vaulted past 58,000," said S Ranganathan, Head of Research at LKP Securities.

IndusInd Bank, Bajaj Finance, TCS, HDFC, Bajaj Finserv, Tata Steel, HDFC Bank, Wipro, L&T, Axis Bank, ITC, SBI, and Infosys were the top Sensex gainers, rising between 2.5 per cent and 5 per cent. On the downside, only PowerGrid, and Dr Reddy's Labs ended in the red.

In the broader markets, the BSE MidCap index advanced 2.4 per cent, while the BSE SmallCap index added 1.5 per cent.

Sectorally, all the indices edned in the positive zone led by the Nifty Private Bank and Metal indices (3.2 per cent each), Nifty Bank, PSU Bank, Financial Services, IT indices (2.8 per cent each), and Nifty FMCG index (1.8 per cent).

Primary market :: Electronics Mart IPO

The Rs 500-crore IPO od EMI was subscribed over 70 per cent till 3:30 PM on day 1 of the issue. Retail investors lapped up shares as the portion was subscribed 1.2 times. NII quota was subscribed 47 per cent, and QIB portion was yet to kick off. Meanwhile, here's what analysts suggest on the issue. READ HERE

4:10 PM

TECHNICAL VIEW: Rupak De, Senior Technical Analyst at LKP Securities

Nifty has moved higher after consolidation on the daily chart suggesting a rise in optimism among the market participants. The index has placed itself above 200DMA, which is a bullish setup. The momentum indicator has entered a bullish crossover. The short-term trend looks positive. A decisive move above 17300 may induce a strong rally in the market. On the lower end, support is placed at 17090; resistance on the higher end is visible at 17600/17725.

4:06 PM

GLOBAL CHECK: European markets edge higher in trade

4:02 PM

GLOBAL CHECK: US equity futures perk up; Dow Futures up 450pts

3:55 PM

MARKET COMMENT: S Ranganathan, Head of Research at LKP Securities

Indices surged over 2% buoyed by positive global cues and encouraging quarterly updates on advances and collections from Banks during the second quarter. Ahead of the festive season, the street is optimistic on retail demand across segments and we saw Financials lead from the front today. Participation of the IT sector today lent ammunition to the Bulls as almost all sectoral indices ended in the Green as we near the end of the Navratri festival. Positive Tailwinds at Home amidst gloom elsewhere in the globe left Bears stranded today as the Sensex vaulted past 58K.

3:51 PM