A security guard walks past logos of Life Insurance Corporation of India (LIC) and BSE at the BSE building in Mumbai, India, May 17, 2022. | Photo credit: NIHARIKA KULKARNI
Major benchmark stock indexes rose more than 2.5% on Tuesday after recovering, helped by favorable signals.
The S&P BSE Sensex gained 1,344.63, or 2.54%, to close at 54,318.47 points on buying momentum from heavyweights such as Tata Steel, Reliance and ITC.
Top gainers included Tata Steel (7.62%), Reliance (4.26%), ITC (4.15%), Wipro (3.97%), ICICI Bank (3.97%) and Maruti ( 3.85%).
The NSE Nifty 50 index rose 417 points, or 2.63%, to 16,259.30 points. All sectors ended with gains.
“The benchmark opened higher, led by supportive Asian markets as China eased lockdown restrictions,” said Ajit Mishra, vice president, research, Religare Broking Ltd. “Throughout the day, healthy buying across sectors and short covering helped the market maintain momentum.”
“It’s a much-needed breather for the bulls after five weeks of slipping and we could continue to recover,” he said.
However, Life Insurance Corporation of India (LIC) shares were listed at a discount from their issue price of £949 a share. The stock opened lower, trading at £867, an 8.62% discount to the BSE. For the day, it hit the daily high of £920 and low of £860 before closing at £875.45, down 7.75%.
Meanwhile, the rupee touched its daily intraday low of 77.79 on Tuesday, before closing 11 paise higher against the US currency amid a spectacular rally in domestic stock markets and a fall in the dollar.
(With PTI inputs)