Sensex Jumps 482 Points As Stock Markets Rise On Buying In Banking And IT Stocks

Benchmark Sensex rose 482 points, while broader Nifty finished above the 21,700 level on Tuesday, driven by buying in banking, financial services, and IT sector stocks as lowering retail inflation boosted investor mood.

The 30-share BSE Sensex jumped 482.70 points or 0.68 percent to 71,555.19. Throughout the day, the gauge fluctuated between a high of 71,662.74 and a low of 70,924.30.

The broader NSE Nifty climbed 127.20 points or 0.59 percent to 21,743.25.

Coal India, UPL, Bosch, Cholamandalam Invest, PNB, Shriram Finance, DLF, HAL, ICICI Bank, and Axis Bank were among the top gainers.

Among the laggards were Hindalco, Grasim Industries, Adani Energy Solut., Adani Total Gas, Adani Green Energy, Adani Wilmar, UtraTech Cement, and LIC.

Government data released on Monday indicated that India’s retail inflation fell to a three-month low of 5.1 percent in January. However, the country’s industrial production growth rate dropped to 3.8 percent in December 2023.

In the Asia markets, Tokyo’s Nikkei 225, South Korea’s Kospi, and China’s Shanghai Composite closed in the positive territory, while Hong Kong’s Hang Seng fell.

European markets were down, with CAC 40 of France and DAX of Germany falling 0.32 percent and 0.62 percent, respectively.

The US market finished Monday’s session on a mixed note.

On Tuesday, Brent crude gained 0.78 percent to USD 82.64 per barrel.

According to the exchange data, Foreign Institutional Investors (FIIs) bought equities worth Rs 126.60 crore on Monday.

On Monday, the Sensex slid 523 points or 0.73 percent to 71,072.49, while the Nifty sank 166.45 points or 0.76 percent to 21,616.05.

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