D-St sees best day in 5 weeks as Sensex reclaims 58,000 mark, Nifty tops 17,250

Tracking upbeat mood in other global markets, stronger rupee and lower US bond yields, the benchmark equity indices closed higher on Tuesday, led by the banking, financial and IT stocks.

The 30-share Sensex surged 1,276 points to end above the 58,000 mark. Its broader peer, Nifty50, ended at 17,274, up 386 points. The indexes saw their sharpest one-day gain since Aug. 30.

was the biggest gainer from the 30-share pack, rising 5.29 per cent to Rs 1,217.30. was up 4.23 per cent, increased 3.58 per cent, and surged 3.46 per cent. , HDFC, and L&T also ended with gains.

Sectorally, the Nifty Pvt Banks rose 3.16 per cent, and Nifty Metal increased 3.13 per cent. Nifty Financial Services and Nifty IT also closed higher. Nifty Midcap50 and Smallcap50 surged 3.10 per cent and 2.01 per cent, respectively.

S Ranganathan, Head of Research at , said 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 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,” Ranganathan added.

Earlier in Asian Market, Japan’s Nikkei 225, South Korea’s Kospi and Taiwan’s Taiwan Weighted surged 2.96 per cent, 2.50 per cent and 2.08 per cent, respectively. The Indian rupee rose 30 paise to close at 81.52 against the US dollar.

Investors turned richer by Rs 5.57 lakh crore as the market capitalisation of all BSE-listed companies went up to Rs 273.84 lakh crore. The market breadth was skewed in favour of bulls as about 2,583 gained, 854 stocks declined, and 127 remained unchanged.