Sensex rallies by 413 points to scale new high, Nifty closes at 12,165

Equity benchmark indices touched fresh highs on Tuesday following gains in Asian and US markets with investors setting aside poor macro-economic indicators on the domestic front for a while.

A temporary deal between the United States and China buoyed market sentiment. Foreign institutional investors (FIIs) also started pouring money into Indian equities after the air over Brexit cleared.

The BSE S & P Sensex closed 413 points or 1 per cent higher at 41,352 while the Nifty 50 moved up by 111 points at 12,165. All sectoral indices at the National Stock Exchange were in the green except for Nifty pharma and realty.

 

Nifty metal climbed by 2.8 per cent while Nifty IT closed 1.8 per cent higher from its previous close.

Among stocks, metals witnessed dramatic intra-day profits with Tata Steel gaining by 4.64 per cent at Rs 440.55 per cent, Vedanta and Hindalco moving up by 3.3 per cent each while JSW Steel ticked up by 1.9 per cent.

Bharti Airtel was up by 4.5 per cent, Tata Motors by 2.9 per cent, Bajaj Finance by 2.6 per cent, Infosys by 2.3 per cent and Tata Consultancy Services by 1.9 per cent.

However, Sun Pharma, GAIL, Bajaj Auto, Mahindra and Mahindra and Titan showed some losses.

Meanwhile, Asian shares rose to their highest in more than a year as trade deal optimism and Wall Street's run to all-time highs supported sentiment.

The mood carried Japan's Nikkei up by 0.47 per cent while Hong Kong's Hang Seng rose by 1.22 per cent. Korea's Kospi and Shanghai Composite edged higher by 1.27 per cent each.

The preliminary deal between Washington and Beijing will double US exports to China, White House Adviser Larry Kudlow said a day earlier. The United States will also reduce some tariffs on Chinese goods under the agreement.

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