Sensex zooms 1,345 points to retake the 54,000 mark amid global stocks rally

LIC made a lackluster debut on the stock exchanges, trading at a discount of over 8% after a successful IPO

LIC made a lackluster debut on the stock exchanges, trading at a discount of over 8% after a successful IPO

Benchmark stock indexes Sensex and Nifty soared over 2.5% on Tuesday, posting their best one-day gains in three months, buoyed by strong buying in metals, energy and banking stocks amid a global equity rally.

The 30-part BSE benchmark rose 1,344.63 points, or 2.54%, to 54,318.47 points, with all of its constituents closing on gains. Over the day, it rose 1,425.58 points, or 2.69%, to 54,399.42.

The broader NSE Nifty rebounded 417 points, or 2.63%, to end at 16,259.30 points. All 50 stocks rose, led by steel and energy stocks.

Both Sensex and Nifty posted their best daily gains since February 15th.

Tata Steel, Reliance Industries, ITC, Larsen & Toubro, Wipro, ICICI Bank, HCL Technologies and Maruti were the biggest gainers among Sensex stocks.

“A sharp move higher in the metals index lifted Reliance along with other industry indices, causing bears to gasp and cover short positions, looking for reasons for the rally,” said S. Ranganathan, head of research at LKP Securities.

On a day when the WPI for April surpassed 15%, a rise of over 2.5% in benchmark indices coupled with the breadth of the rally surprised many on the street, although the move came after a relentless decline, Ranganathan added .

Asian markets in Hong Kong, Seoul, Tokyo and Shanghai closed higher on expectations of China easing COVID-19-related restrictions as the number of cases fell.

Stock exchanges in Europe traded in the green during the afternoon session.

The stock exchanges in the US ended on Monday with mixed notes.

The country’s largest insurer, LIC, made a lackluster debut on the stock exchanges on Tuesday, trading at a discount of over 8% after a successful initial public offering (IPO) that raised 20,557 crore for the treasury.

In the previous trade, the BSE benchmark gained 180.22 points, or 0.34%, to settle at 52,973.84 points. The Nifty rose 60.15 points, or 0.38%, to 15,842.30 points.

Meanwhile, international oil benchmark Brent rose 0.49% to $114.8 a barrel.

Foreign institutional investors continued to sell £1,788.93 billion worth of shares, according to stock market data on Monday.

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