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The S&P BSE Sensex surged 777 points, or 1.37 per cent, to end at 57,357 levels while the Nifty50 settled at 17,200, up 246 points or 1.46 per cent
Photo Credit : PTI
Indian equities snapped their two-day losing streak on Tuesday as rally in global markets lifted investors’ mood. A fall in yields in US markets and global crude oil prices came as a major respite for investors.
The S&P BSE Sensex surged 777 points, or 1.37 per cent, to end at 57,357 levels while the Nifty50 settled at 17,200, up 246 points or 1.46 per cent.
On the 30-stock index, the most gains were made by Power Grid, M&M, and Titan, among others, while Axis Bank and Maruti were among the biggest losers.
On Nifty50, Adani Ports, Hero MotoCorp, and Bajaj Auto made the most gains, while ONGC, Apollo Hospitals, and Axis Bank were among the biggest laggards.
“While markets are in an oversold position, the falling yields in US markets and sliding crude oil prices came as a major respite for investors who partially covered their short positions. However, other concerns like China's coronavirus problems, likely interest rate hike woes in the US and the conflict between Russia & Ukraine will continue to be potential market spoilers,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
India VIX declined 10 per cent, most since April 1, to close below 20 levels.
“In the near term, the market performance is likely to be range-bound, and we could see the reaction in both directions. Yesterday, we saw a sharp rise in volatility, and in today’s session, there was some cool-off in the India VIX index, so the market is green. A clear trend is likely to emerge after volatility sustains at lower levels for longer-term. FIIs flows are likely to remain volatile on account of aggressive rate hikes expectation amid the rising inflationary scenario. So, investors should limit the risky bets in the current market environment and focus on the fundamentals where the earnings visibility is intact,” said Neeraj Chadawar, Quantitative Equity Research, Axis Securities.
Adani Enterprises surged to record high on reports that group may acquire Holcim's India business. Adani Wilmar’s market cap crossed Rs 1 lakh crore and hit 5 per cent upper circuit. Last week, Adani Power shares had achieved this feat crossing ₹1 lakh crore market valuations.